Fair market value valuation rules establish prescribed asset and liability methods to compute accreted income on cessation.
The draft rule prescribes that aggregate fair market value equals the FMV of all balance-sheet assets on the specified date reduced by tax paid (net of refunds) and non-asset items; asset-specific valuation methods are set out: quoted securities by average market price, unquoted equity by a specified book-value based formula adjusted by paid-up capital, non-equity securities by market valuation report, immovable property by the higher of registered valuer's open-market value or stamp duty value, business undertakings at net assets, and other assets by registered valuer report; total liabilities are book values excluding corpus, reserves, contingent liabilities and specified provisions.

Double taxation avoidance: India-Korea treaty allocates taxing rights and sets mechanisms for relief and information exchange.
The Agreement is a bilateral tax treaty applying to residents of India and Korea and to taxes on income imposed by those States, defining residence, permanent establishment and related terms. It allocates taxing rights by income category (immovable property, business profits attributable to a permanent establishment, shipping and air transport, dividends, interest, royalties, capital gains, personal services), prescribes withholding limits and beneficial ownership and permanent establishment exceptions, sets elimination of double taxation via deduction or credit, and provides mutual agreement, information exchange, assistance in collection and limitation of benefits rules.

Tax exemption under section 35AC extended to specified charitable projects for 2016-17, with CSR funds excluded.
The notification extends approval for specified charitable projects recommended by the National Committee, preserving exemption under Section 35AC for the listed institutions through the financial year 2016-17, with certain projects granted enhanced sanctioned costs or amended scope/title where recommended. The extension applies subject to the previously approved cost limits except where increased by the Committee, allows corpus fund adjustments within approved costs, and expressly excludes funds received under Schedule VII of the Companies Act and Companies (CSR) Rules from the Section 35AC exemption.

Section 35AC deduction approvals for specified charitable projects; CSR funds excluded from the exemption.
Notification designates specified institutions and approves their listed projects or schemes as eligible for deduction under Section 35AC, recording for each the estimated project cost and the maximum amount allowable as deduction for the stated financial year; it also provides that the Section 35AC exemption does not apply to funds received under Schedule VII of the Companies Act or the Companies (CSR) Rules, 2014.

Securitised debt instruments inclusion under FEMA clarifies foreign investment eligibility and issuance conditions for non-residents.
The Amendment to Schedule 5 of the FEMA transfer/issue regulations deletes the word "listed" from certain clauses, removes clauses (g) and (j) in paragraphs 1 and 1C, and adds clause (n) to include securitised debt instruments, defined to cover SPV-issued certificates for asset securitisation with banks, FIs or NBFCs as originators and certificates issued and listed under SEBI Regulations on Public Offer and Listing of Securitised Debt Instruments, 2008.

Pre incorporation expenditure equity issuance allowed to wholly owned Indian subsidiaries, subject to reporting, valuation and auditor certification.
Authorizes a wholly owned Indian subsidiary of a non resident entity in sectors allowing 100% FDI under the automatic route to issue equity, preference shares, convertible debentures or warrants to the non resident parent against pre incorporation/pre operative expenses up to regulatory limits, subject to Form FC GPR reporting within thirty days of issue (and not later than one year from incorporation unless permitted otherwise), valuation per Paragraph 5 of Schedule 1, and submission of a statutory auditor's certificate confirming utilization of the funds for incorporation/commencement purposes.

Exchange rate determination for customs conversions effective 21 October 2016 standardises import and export currency rates.
The Central Board prescribes specific rupee conversion rates for listed foreign currencies effective 21 October 2016 for customs assessment of imported and export goods, superseding the prior October notification except as to prior acts. Rates appear in two schedules: Schedule I provides per unit rupee equivalents with distinct import and export rates; Schedule II provides rupee equivalents per 100 units with distinct import and export rates.

Specification of authorised officer under the Income-tax Act designates a central vigilance official for tax enforcement responsibilities.
The Central Government specifies the Director, Vigilance and Anti-Corruption Bureau, Kerala as an authorised officer for the purposes of the cited clause of the Income-tax Act, formally designating that office-holder to perform the statutory functions envisaged by the provision and to carry out enforcement and vigilance-related obligations under the tax statute.

Designation change in Senior Citizens' Welfare Fund Rules: Joint Secretary substituted for Deputy Secretary, effective on Gazette publication.
The amendment replaces references to Deputy Secretary with Joint Secretary in clauses (b)-(g) of rule 4(3) of the Senior Citizens' Welfare Fund Rules, 2016, effectuating a designation substitution under the enabling provision of the Finance Act, 2015, and coming into force on publication in the Official Gazette.

Tax on distributed income for buy-back: rules define company's amount received for share issue and valuation methods.
Rules prescribe how the amount received by a domestic company for issue of a share is determined for buy-back tax: actual subscription receipts including premium; reductions for prior returns except where taxed; deemed amounts for ESOPs and sweat equity based on fair market value credited to capital accounts; carryover and apportionment rules for amalgamation and demerger; a formula for shares issued as asset consideration with merchant banker valuation; special rules for succession, conversion, nil-consideration issues, dematerialised shares using FIFO, and face value as fallback.

Common Adjudicating Authority appointment centralizes adjudication of specified customs show cause notices under DRI authority.
The Director General, Revenue Intelligence designates the Additional Director General (Adjudication), DRI Delhi, as the Common Adjudicating Authority to exercise the powers and discharge duties of the officers listed in the Table's column (4) in respect of the noticees in column (2) for adjudication of the show cause notices specified in column (3), superseding the earlier appointment and reallocating adjudicatory jurisdiction under the statutory delegation framework.

Common Adjudicating Authority appointment allocates adjudication of specified show cause notices to a designated DRI adjudicator.
Designation appoints the Additional Director General (Adjudication), DRI Mumbai as the Common Adjudicating Authority to exercise and discharge the powers and duties of specified officers for adjudication of the particular show cause notices listed in the Table, made under clause (a) of section 152 of the Customs Act, 1962 and pursuant to prior notifications.

Demerger: reconstruction treated as demerger when asset transfer implements shareholders and share purchase agreements and resulting company is public sector.
A reconstruction or splitting up of a company that ceased to be a public sector company shall be deemed a demerger where the reconstruction effects transfer of assets to the resulting company to give effect to the Shareholders' Agreement and Share Purchase Agreement, and the resulting company is a public sector company on the appointed date indicated in the scheme approved by the Appellate Tribunal under the Companies Act.

Fixation of tariff value: notification sets import valuation benchmarks for edible oils, metals and agricultural commodities.
Amendment to the customs notification exercises statutory power to substitute three tables establishing fixed tariff values: TABLE 1 fixes US$ per metric tonne values for specified edible oils, brass scrap, poppy seeds and areca nut; TABLE 2 fixes unit values for gold and silver where specified notification benefits apply; TABLE 3 fixes the tariff value for areca nuts. The substituted tables list tariff headings, descriptions and corresponding tariff values to be used for import valuation and customs assessment.

Common Adjudicating Authority appointed to centralise adjudication of specified show cause notices and reassign jurisdiction.
The Director General of Revenue Intelligence, under delegated power from prior notifications and clause (a) of section 152 of the Customs Act, appoints specified officers to act as Common Adjudicating Authority in place of the officers originally answerable for the listed noticees, authorising those appointees to exercise powers and discharge duties for adjudication of the referenced show cause notices, thereby reallocating adjudicatory jurisdiction across customs formations.

Addition of Sub Foreign Post Offices expands designated customs points by amending the notification listing recognized customs locations.
The Central Board of Excise and Customs, invoking its delegated powers under the Customs Act, inserts three Sub Foreign Post Office entries into the TABLE against the specified serial entry in the principal customs notification, thereby adding those post offices to the list of recognized customs locations for ICDs/LCSs/ports.

Appointment of Whole Time Member under statutory authority; tenure begins on assumption of charge and is time limited.
The Central Government appoints Shri Gurumoorthy Mahalingam as Whole Time Member of the Securities and Exchange Board under Section 4 of the SEBI Act, 1992 and rule 3 of the SEBI (Terms & Conditions of Service of Chairman & Members) Rules, 1992, effective from his assumption of charge; tenure is time limited and subject to an upper age cap and further orders.

Appointment of Assistant VAT officers to assist the Commissioner in administering the Delhi VAT regime and duties.
The Lt. Governor, exercising statutory appointment authority under the Delhi Value Added Tax enactment and applicable rules, appoints the listed officers as Assistant Value Added Tax Officers (AVATOs) to assist the Commissioner in administering the Act. Each appointee is identified by name with a corresponding date of physical joining or assumption of charge; appointments take effect from those dates and function as administrative delegations of VAT responsibilities. The notification is issued by the Finance (Revenue-I) Department and authenticated in the name of the Lt. Governor by the Deputy Secretary (Finance).

Disclosure rules amended: government company and foreign source added as reportable contributions under rule 17CA.
The Income tax Rules are amended to omit the terminal "and" in rule 17CA(4)(a) and to insert new clauses specifying that receipts from a Government company and receipts from a foreign source are to be included as reportable categories under rule 17CA(4); the amendment is made under clause (b) of section 13B read with section 295 of the Income tax Act and is effective on publication in the Official Gazette.

Central Excise jurisdiction updated under rules, revising district and office allocations for specified Madhya Pradesh areas.
Amendment revises territorial and administrative allocations under the Central Excise notification by substituting entries in Table II(A) to list Bhopal with constituent cities (Bhopal, Indore, Raipur, Ujjain, Bilaspur, Jabalpur), in Table III(B) to identify Ujjain and specify constituent Madhya Pradesh districts (including Dewas, Jhabua, Ratlam, Mandsaur, Shajapur, Ujjain, Guna, Rajgarh excluding Tehsil Narsingarh, and others), and in Table IV to list Audit-I, Audit-II, Appeal-I, Appeal-II at Bhopal and the same cities as administrative localities.