The Central Board of Direct Taxes (CBDT), through Notification No. 74/2026 dated 3 July 2026, has specified that no tax deduction shall be made on lease rent or supplemental lease rent payments made by a lessee to a lessor that is a Unit located in an International Financial Services Centre (IFSC) for leasing of an aircraft. This relief applies under the Income-tax Act, 2025 and is linked to the deduction available under Section 147.

To claim the benefit, the IFSC lessor must submit a statement-cum-declaration in Form No. 1(N) to the lessee, declaring the twenty consecutive tax years for which deduction under Section 147 is being opted. After receiving this declaration, the lessee is not required to deduct tax on the eligible payments made to the lessor.

The lessee must report the details of such payments, on which tax has not been deducted, in the applicable statement of tax deduction as per the Income-tax Rules, 2026. The relaxation will be available only for the twenty consecutive tax years declared by the lessor. For any other year, the lessee will be required to deduct tax as applicable.

The notification also authorizes the Income-tax Systems authorities to prescribe procedures, formats, security standards, and data transmission mechanisms for implementation. The notification is deemed to have come into effect from 1 April 2026. CA Sansaar

View Attachment

The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 75/2026 dated 3 July 2026 regarding tax deduction relief on lease rent payments related to ship leasing in International Financial Services Centres.

Under this notification, no tax deduction will be required on lease rent or supplemental lease rent paid by a lessee to an IFSC Unit engaged in the business of leasing ships, subject to specified conditions. The relief applies under the Income-tax Act, 2025, where the lessor opts for deduction under Section 147.

The lessor must submit a statement-cum-declaration in Form No. 1(N) to the lessee. This form must include details of the twenty consecutive tax years for which the IFSC Unit chooses to claim the deduction. After receiving this declaration, the lessee is not required to deduct tax on eligible lease payments made to the lessor.

However, the lessee must report details of all such payments where tax has not been deducted in the prescribed statement of deduction of tax. The relaxation will be available only for the twenty consecutive tax years declared by the lessor. For any other year, tax deduction will continue to apply.

The notification also provides the format of Form No. 1(N), which requires details such as name, PAN, IFSC unit details, registration or permission information, period of deduction claimed, declaration, and verification. The notification is deemed to have come into force from 1 April 2026. CA Sansaar

View Attachment

Government of India

Ministry of Finance

Department of Revenue

(Central Board of Direct Taxes)

NOTIFICATION [No. 76 of 2026-CBDT]

New Delhi, the 6th July 2026.

S.O. ..........(E). — In pursuance of the section 45(4)(b) of the Income-tax Act, 2025, the Central Government hereby approves the Indian Institute for Human Settlements, Bengaluru (PAN: AACC10088F) for research in Social Science or Statistical Research under the category of university, college or other institution, for the purposes of section 45(3)(a)(ii) of the said Act of 2025 and rules 32 and 34 of the Income-tax Rules, 2026.

2. This notification shall be applicable to the Indian Institute for Human Settlements, Bangalore for the tax years 2026-2027 to 2030-2031, subject to the conditions that it shall—

(i) comply with the conditions specified in rule 34 of the Income-tax Rules, 2026;

(ii) prepare statement under section 45(4)(a) of the Income-tax Act, 2025 for each tax year in Form No.15 and deliver or cause to be delivered to the Director General of Income-tax (Systems) or the person authorised by him on or before the 31st May, immediately following the tax year in which the donation is received, in accordance with rule 31 of the Income-tax Rules, 2026:

(iii) furnish to the donor, a certificate in Form No.16 specifying the amount of donation in accordance with rule 31 of the Income-tax Rules, 2026.

[No. 203/46/2025/ITA-II]

(Indu Bala)

Deputy Secretary to the Government of India.

View Attachment

CBDT has issued Circular No. 06/2026 regarding condonation of delay in electronic filing of Form No. 10AB for approval under clause (ii) of the first proviso to section 80G(5) of the Income-tax Act, 1961. The circular applies to funds and institutions whose 80G approval was due to expire on 31 March 2026 and which could not file Form 10AB by the prescribed due date of 30 September 2025.

The Board received representations stating that the delay occurred due to bona fide reasons and genuine hardship, particularly affecting the receipt of donations by such funds or institutions. To provide relief, CBDT has condoned the delay where Form 10AB was filed electronically between 1 October 2025 and 31 March 2026.

The jurisdictional Principal Commissioner of Income-tax or Commissioner of Income-tax has been authorized to examine such applications on merits and pass the required order on or before 31 December 2026. The circular also clarifies that if any Form 10AB application filed during the same period was rejected only because it was filed after 30 September 2025, the delay will be treated as condoned and the application may be disposed of on merits.

CBDT has further clarified that this circular does not provide automatic approval under section 80G(5) of the Income-tax Act. The application will still be subject to examination and approval as per applicable provisions. CA Sansaar

View Attachment

MINISTRY OF FINANCE
(Department of Revenue)
CENTRAL BOARD OF DIRECT TAXES

NOTIFICATION

New Delhi, the 3rd July, 2026

S.O. 3609(E).— In exercise of the powers conferred by section 400(1) read with section 147 of the Income-tax Act, 2025 (30 of 2025) (hereinafter referred to as the said Act), the Central Government hereby specifies that no deduction of tax shall be made under section 393(1) [Table S. No. 2] of the said Act on payment in the nature of lease rent or supplemental lease rent, as the case may be, made by a person (hereafter referred to as the lessee) to a person being a Unit located in International Financial Services Centre (hereinafter referred to as the lessor) for lease of an aircraft, subject to the following conditions:

1. Conditions

(1) The lessor shall—

(a) furnish a statement-cum-declaration in Form No. 1(N) annexed to this notification to the lessee giving details of twenty consecutive tax years for which the lessor opts for claiming deduction under section 147 of the Income-tax Act, 2025; and

(b) furnish and verify the statement-cum-declaration in the prescribed manner for each tax year out of the twenty consecutive tax years for which deduction under section 147 is claimed.

(2) The lessee shall—

(a) not deduct tax on any payment made or credited to the lessor after receiving a copy of the statement-cum-declaration in Form No. 1(N); and

(b) report all such payments on which tax has not been deducted in the statement of deduction of tax referred to in section 397(3)(b) of the Income-tax Act, 2025 read with rule 219 of the Income-tax Rules, 2026.

2. Period of Relaxation

The relaxation shall be available only during the twenty consecutive tax years declared by the lessor in Form No. 1(N) for which deduction under section 147 is opted. Tax shall be deducted on lease rent relating to any other tax year.

3. Procedure

The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as applicable, shall prescribe procedures, formats, and standards for secure capture, transmission, uploading, archival, and retrieval of information and documents.

Explanation

For the purposes of this notification—

(a) "aircraft" shall have the meaning assigned in Schedule VI (Note 3) of the Income-tax Act, 2025;

(b) "International Financial Services Centre (IFSC)" shall have the meaning assigned in clause (q) of section 2 of the Special Economic Zones Act, 2005;

(c) "Unit" shall have the meaning assigned in section 2(zc) of the Special Economic Zones Act, 2005.

4. Effective Date

This notification shall be deemed to have come into force on 1st April, 2026.

[Notification No. 74/2026/F. No. 275/16/2026-IT(B)]

RAJENDRA KUMAR MEENA
Under Secretary

View Attachment

CBDT has issued Notification No. 73/2026, dated 2 July 2026, notifying tax exemption under section 10(46) of the Income-tax Act, 1961 for specified income of the Mussoorie Dehradun Development Authority, an authority constituted by the Government of Uttarakhand.

The exemption applies to income received from grants, loans and advances from the Government of Uttarakhand, fees or charges levied under the Uttarakhand Urban and Country Planning and Development Act, 1973, income from disposal of land, buildings and other movable or immovable properties, lease or rent income, and interest on bank deposits.

The notification will remain effective subject to certain conditions. The authority must not engage in any commercial activity, its activities and nature of specified income must remain unchanged during the relevant financial years, and it must file its income tax return as required under the Income-tax Act. Failure to comply may lead to penal action and withdrawal of exemption.

The benefit will be deemed applicable for assessment years 2022-23 and 2023-24, relevant to financial years 2021-22 and 2022-23. CA Sansaar

View Attachment

The Central Board of Direct Taxes (CBDT), Ministry of Finance, has issued Notification No. 75/2026 dated 3rd July 2026 regarding tax deduction relief on ship lease payments. As per the notification, no tax deduction shall be made under section 393(1) [Table S.No. 2] of the Income-tax Act, 2025 on lease rent or supplemental lease rent paid by a lessee to a lessor, where the lessor is a Unit of an International Financial Services Centre (IFSC) engaged in the business of leasing ships.

The exemption is subject to compliance with prescribed conditions. The IFSC ship leasing unit must furnish a statement-cum-declaration in Form No. 1(N) to the lessee, specifying the twenty consecutive tax years for which it opts to claim deduction under section 147 of the Income-tax Act, 2025. After receiving this form, the lessee is not required to deduct tax on eligible payments made or credited to the lessor.

The lessee must also report details of all such payments on which tax has not been deducted in the statement of tax deduction under section 397(3)(b) read with rule 219 of the Income-tax Rules, 2026. The relief will be available only for the twenty consecutive tax years declared by the lessor. For any other year, the lessee will be liable to deduct tax on lease rent payments.

The notification also provides Form No. 1(N), which requires details such as the name, PAN, IFSC unit details, registration/permission details, tax year, and deduction period. The notification is deemed to have come into force from 1st April 2026. CA Sansaar

View Attachment

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

NOTIFICATION

No. 16/2026-Customs (ADD)

New Delhi, the 6th July, 2026

G.S.R. ... (E).— In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rules 18 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 64/2021-Customs (ADD), dated the 28th October, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 771(E), dated the 28th October, 2021, namely:

In the said notification, after paragraph 2 and before Explanation, the following paragraph shall be inserted, namely:

"3. Notwithstanding anything contained in paragraph 2, the anti-dumping duty imposed under this notification shall remain in force up to and inclusive of the 27th January, 2027, unless revoked, superseded or amended earlier."

[F. No. 190354/6/2021-TRU]

(Dheeraj Sharma)
Under Secretary

View Attachment

General Circular no. 03/2026

F.NO. Policy-02/2/2020-CL-V-MCA
Government of India
Ministry of Corporate Affairs

3rd Floor, Room No. 13020,
Wing-D, Kartavya Bhavan-1,
Dr. R.P. Road, New Delhi, 110001
Dated: 08th July, 2026

To,
DGCOA,
All Registrar of Companies,
All Regional Directors,
All Stakeholders.

Subject: Extension of Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) up to 31st August 2026-reg.

Madam/ Sir(s),

The Ministry of Corporate Affairs had introduced the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) to provide an opportunity to companies to complete pending statutory filings. The Scheme is presently valid up to 15th July, 2026.

2. In view of the capacity enhancement/restoration activities being done at data center consequent to a fire incident on 05.06.2026, it has been decided to extend the validity of the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) up to 31st August, 2026.
3. This issues with the approval of the competent authority.

Yours faithfully,

Nupur Aishwarya
Deputy Director (Policy)

Copy forwarded to:
i. E-Governance section and web contents officer to place the circular on MCA website.
ii. Guard file.

View Attachment

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 7th July, 2026

S.O. 3684(E).— In exercise of the powers conferred by Schedule III [Table: Sl. No. 30] read with section 11 of the Income-tax Act, 2025 (30 of 2025), (hereinafter referred to as “the Income-tax Act), the Central Government hereby notifies the “Core Settlement Guarantee Fund (PAN: AAAJN1263G) set up by National Commodity Clearing Limited (NCCL)”, a recognized clearing corporation, in respect of the income referred against the said serial number, for the tax Year 2026-2027 onwards.

2. This notification shall be subject to the following conditions, namely:—

(a) the National Commodity Clearing Limited (NCCL) shall continue to be recognized as a clearing corporation by the Securities and Exchange Board of India in terms of Note 11 to Schedule III of the Income-tax Act; and

(b) where any amount standing to the credit of the Core Settlement Guarantee Fund and not charged to income-tax during any tax year is shared, either wholly or in part with the specified person, the whole of the amount so shared shall be deemed to be the income of the tax year in which such amount is so shared and shall, accordingly, be chargeable to income-tax; and

(c) the Core Settlement Guarantee Fund shall furnish return of income in accordance with section 263 of the Income-tax Act;

3. Failure to comply with the above conditions shall result in withdrawal of exemption under Schedule III [Table: Sl. No. 30] read with section 11 of the Income-tax Act and initiation of proceedings under the said Act. CA Sansaar

[No. 79 /2026 / F.No.197/39/2018-ITA-I]

HARDEV SINGH, Under Secy.

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.

View Attachment

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 7th July, 2026

S.O. 3683(E).— Whereas, section 10(23EE) of the Income-tax Act, 1961 (43 of 1961) provided for exemption of any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in accordance with the regulations as may be notified by the Central Government in the Official Gazette for the purposes of that clause;

And whereas, the Income-tax Act, 1961 (43 of 1961) was repealed by section 536(1) of the Income-tax Act, 2025 (30 of 2025);

And whereas, section 536(2)(a) and (b) of the Income-tax Act, 2025 (30 of 2025), inter alia, provides that irrespective of the repeal of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act of 1961) and subject to sub-section (4) thereof, nothing shall affect-

(i) the previous operation of the provisions of the Act of 1961 and any order or anything duly done or suffered thereunder; or

(ii) any right, privilege, obligation or liability acquired, accrued or incurred under the Act of 1961 or orders under that Act;

And whereas, section 536(2)(c) of the Income-tax Act, 2025 (30 of 2025) provides that the provisions of the Act of 1961 shall continue to apply to any proceeding pending on the date of commencement of the Income-tax Act, 2025 (30 of 2025) and to any proceedings initiated on or after the 1st April, 2026 (including notices, assessment, reassessment, recomputation, rectification, penalty, reference, revision and appeals) in respect of any tax year beginning before the 1st April, 2026 and such proceedings shall be carried out as per the procedure specified in the Act of 1961;

And whereas, section 536(2)(e) of the Income-tax Act, 2025 (30 of 2025) provides that any proceeding pending on the date of its commencement before any income-tax authority or any other authority constituted under the repealed Income-tax Act, Appellate Tribunal, or any court, by way of application, appeal, reference or revision or by any other means, shall be continued and disposed of as if this Act had not been enacted;

Now, therefore, in pursuance of the provisions of section 536(2)(a) to (c) and (e) of the Income-tax Act, 2025 (30 of 2025), the Central Government hereby notifies the "Core Settlement Guarantee Fund (PAN: AAAJN1263G) set up by the National Commodity Clearing Limited (NCCL)", a recognised clearing corporation, for the purposes of section 10(23EE) of the Act of 1961, for the assessment years 2019-2020 to 2026-2027.

2. This notification shall be subject to the following conditions, namely:-

(a) the Core Settlement Guarantee Fund shall furnish return of income in accordance with section 139(4C) of the Act of 1961; and

(b) the National Commodity Clearing Limited (NCCL) shall continue to be recognised as a clearing corporation by the Securities and Exchange Board of India.

3. Failure to comply with the above conditions shall result in withdrawal of exemption under section 10(23EE) of the Act of 1961 and initiation of proceedings under the said Act.

[No.78 /2026/F.No.197/39/2018-ITA-I]

HARDEV SINGH, Under Secy.

Explanatory Memorandum

It is certified that interests of no person are adversely affected by giving retrospective effect to this notification from the year in which the application was filed before the Central Board of Direct Taxes or Income-tax Department.

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.

View Attachment

RBI/2026-27/176
DOR.AML.REC.149/14.06.001/2026-27

July 09, 2026

The Chairpersons/ CEOs of the Commercial Banks,
Small Finance Banks, Payment Banks, Urban Co-operative Banks,
Rural Co-operative Banks, Regional Rural Banks, Local Area Banks,
Non-Banking Financial Companies, Asset Reconstruction Companies,
All India Financial Institutions

Madam/Dear Sir,

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Amendment of 1 Entry

Please refer to Chapter IX on “Requirements/obligations under International Agreements - Communications from International Agencies” of the Reserve Bank of India - Know Your Customer, Directions, 2025 dated November 28, 2025 (amended as on December 29, 2025) (“Directions”), as per which, regulated entity shall ensure that in terms of section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967 and amendments thereto, it does not have any account in the name of individuals / entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council (UNSC).

2. In this connection, Ministry of External Affairs (MEA), Government of India has informed about the UNSC press release SC/16407, dated July 08, 2026 wherein the Security Council pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al‑Qaida and associated individuals, groups, undertakings and entities enacted the amendments specified with strikethrough and underline in the entry below on its ISIL (Da’esh) and Al-Qaida Sanctions List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of Security Council resolution 2734 (2024), and adopted under Chapter VII of the Charter of the United Nations.

A. Individuals

QDi.439 Name: 1: HAMIDAH 2: NABAGGALA 3: na 4: na

Name (original script): حميدة ناباجالا

Title: na Designation: na DOB: 9 Mar. 1996 23 February 1989 POB: Uganda Good quality a.k.a.: na Low quality a.k.a.: a) NABAGGALA b) NABAGGAKA c) HAMIDA d) HAMIDAH Nationality: Uganda Passport no: na Uganda number A00044599 (expiry on 19 March 2029) National identification no:na  CF89095102DDAE (expiry on 27 March 2025) Address: Democratic Republic of the Congo Listed on: 30 Mar. 2026 (amended on 8 Jul. 2026) Other information: Works as a mediator in financing channels for ISIL in Central Africa, has been charged with financing a bombing that occurred in the Ugandan capital, Kampala, in 2021, attempted to coerce her three children in Uganda to send them to ISIL camps in the Democratic Republic of the Congo. Gender: Female. INTERPOL-UN Security Council Special Notice web link:  https://www.interpol.int/en/How-we-work/Notices/View-UN-Notices-Individuals

3. Press release dated July 08, 2026 regarding the above can be found at https://press.un.org/en/2026/sc16407.doc.htm

Further, in accordance with paragraph 61 of resolution 2734 (2024), the Committee has made accessible on its website the narrative summaries of reasons for listing of the above entries at the following URL: https://main.un.org/securitycouncil/en/sanctions/1267/aq_sanctions_list/summaries

4. The details of the sanction measures and exemptions are available at the following URL: https://www.un.org/securitycouncil/sanctions/1267#further_information

5. In view of the above, regulated entities are advised to take appropriate action in terms of Chapter IX of the aforementioned Directions and strictly follow the procedure as laid down in the UAPA Order dated February 02, 2021 (amended on April 22, 2024) annexed to the Directions.

6. Updated lists of individuals and entities linked to ISIL (Da'esh), Al-Qaida and Taliban are available at:

www.un.org/securitycouncil/sanctions/1267/aq_sanctions_list

https://www.un.org/securitycouncil/sanctions/1988/materials

7. Further, as per the instructions from the Ministry of Home Affairs (MHA), any request for de-listing received by any bank is to be forwarded electronically to Joint Secretary (CTCR), MHA for consideration. Individuals, groups, undertakings or entities seeking to be removed from the Security Council’s ISIL (Da'esh) and Al-Qaida Sanctions List can submit their request for delisting to an independent and impartial Ombudsperson who has been appointed by the United Nations Secretary-General. More details are available at the following URL: https://www.un.org/securitycouncil/ombudsperson/application

8. Regulated entities are advised to take note of the aforementioned UNSC communications and ensure meticulous compliance.

Yours faithfully,

(Sirin Kumar)
General Manager

View Attachment

The Central Government has issued Notification No. 26/2026-Customs dated 8 July 2026, amending Notification No. 57/2017-Customs. The notification grants nil customs duty on specified components imported for manufacturing Inductor Coil Modules used in cellular mobile phones for wireless charging.

The exempted components include NC Nano-Crystalline Assembly, E-Shield, PET Liner, PC Shim with Z-Liner, Main Stranded Coil, NFC Coil, and NdFeB Magnets. The exemption applies to goods classified under tariff headings 3919 90 90, 8505 11 90, and 8544 11 10 and will remain effective until 31 March 2029. The notification also provides detailed technical definitions of these components to clarify their permitted use in mobile phone wireless charging module manufacturing.

View Attachment

The Central Government, through Notification No. 27/2026-Customs dated 8 July 2026, has amended Notification No. 25/2002-Customs to expand the list of machinery and equipment eligible for customs duty benefits for manufacturing lithium-ion cells. The revised entry covers a wide range of production, coating, winding, welding, testing, filling, cleaning, formation, cooling, inspection and safety equipment used across the lithium-ion cell manufacturing process. The measure is expected to support domestic battery production and strengthen India’s advanced energy-storage manufacturing ecosystem. CA Sansaar

View Attachment

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 10th July, 2026

S.O. 3759(E).— In pursuance of section 258(1)(b) of the Income-tax Act, 2025, the Central Government hereby specifies the Principal Secretary, Cooperation, Marketing and Textile Department, Government of Maharashtra, for the purposes of the said section in connection with sharing of information regarding income-tax payers for identifying eligible beneficiaries under the Punyashlok Ahilyadevi Holkar Farmer Loan Waiver Scheme, 2026.

[Notification No. 81/2026/F. No. 225/77/2026/ITA-II]

INDU BALA
Deputy Secretary

Uploaded by the Directorate of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi–110064, and published by the Controller of Publications, Delhi–110054.

View Attachment

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 10th July, 2026

S.O. 3743(E).— In exercise of the powers conferred by section 400(1) read with section 147 of the Income-tax Act, 2025 (30 of 2025) (hereinafter referred to as the said Act), the Central Government hereby notifies that no deduction of tax shall be made under the provisions of the said Act as specified in column (4) of the Table below in respect of the payments, as specified in column (3) of the said Table, made by any payer to a person being a Unit of International Financial Services Centre (hereinafter referred to as the payee), as specified in column (2) of the said Table.

[Notification No. 80/2026/F. No. 275/19/2026-IT(B)]

RAJENDRA KUMAR MEENA
Under Secretary

View Attachment

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 13th July, 2026

S.O. 3799(E).— Whereas, section 10(46) of the Income-tax Act, 1961 (43 of 1961) provided for exemption of specified income of certain bodies or authorities or Boards or Trusts or Commissions as may be notified by the Central Government in the Official Gazette for the purposes of that section;

And whereas, the Income-tax Act, 1961 (43 of 1961) was repealed by section 536(1) of the Income-tax Act, 2025 (30 of 2025);

And whereas, section 536(2)(a) and (b) of the Income-tax Act, 2025 (30 of 2025), inter alia, provides that irrespective of the repeal of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act of 1961) and subject to sub-section (4) thereof, nothing shall affect—

1. The previous operation of the provisions of the Act of 1961 and any order or anything duly done or suffered thereunder; or
2. Any right, privilege, obligation or liability acquired, accrued or incurred under the Act of 1961 or orders under that Act;

And whereas, section 536(2)(c) of the Income-tax Act, 2025 (30 of 2025) provides that the provisions of the Act of 1961 shall continue to apply to any proceeding pending on the date of commencement of the Income-tax Act, 2025 (30 of 2025) and to any proceedings initiated on or after the 1st April, 2026 (including notices, assessment, reassessment, recomputation, rectification, penalty, reference, revision and appeals) in respect of any tax year beginning before the 1st April, 2026 and such proceedings shall be carried out as per the procedure specified in the Act of 1961;

And whereas, section 536(2)(e) of the Income-tax Act, 2025 (30 of 2025) provides that any proceeding pending on the date of its commencement before any income-tax authority or any other authority constituted under the repealed Income-tax Act, Appellate Tribunal, or any court, by way of application, appeal, reference or revision or by any other means, shall be continued and disposed of as if this Act had not been enacted;

Now, therefore, in pursuance of the provisions of section 536(2)(a) to (c) and (e) of the Income-tax Act, 2025 (30 of 2025), the Central Government hereby notifies, for the purposes of section 10(46) of the Act of 1961, “Baddi Barotiwala Nalagarh Development Authority (PAN AAALB0528J)”, an authority constituted by the State Government of Himachal Pradesh, in respect of the following specified income arising to that Authority, namely:—

(a) Grants received from the Central Government or the State Government of Himachal Pradesh;

(b) Revenue receipts under the Himachal Pradesh Town and Country Planning Act, 1977 (Himachal Pradesh Act 12 of 1977); and

(c) Interest on bank deposits.

2. Conditions of Exemption

This notification shall be effective subject to the conditions that the Baddi Barotiwala Nalagarh Development Authority—

(a) Shall not engage in any commercial activity;

(b) Its activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) Shall file return of income in accordance with the provisions of section 139(4C)(g) of the Act of 1961.

3. Non-Compliance

Failure to comply with these conditions shall result in the initiation of penal actions under the provisions of the Act of 1961 and withdrawal of exemption granted under section 10(46) of the Act of 1961.

4. Applicability

This notification shall be deemed to have been applied for the assessment years 2024-25, 2025-26 and 2026-27, relevant to the financial years 2023-24, 2024-25 and 2025-26.

[Notification No. 83/2026/F. No. 300196/45/2025-ITA-I]

HARDEV SINGH
Under Secretary

Explanatory Memorandum

It is certified that the interests of no person are being adversely affected by giving retrospective effect [with effect from the year of application filed before the Board or Income Tax Department] to this notification.

View Attachment

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 13th July, 2026

S.O. 3798(E).— Whereas, section 10(46) of the Income-tax Act, 1961 (43 of 1961) provided for exemption of specified income of certain bodies or authorities or Boards or Trusts or Commissions as may be notified by the Central Government in the Official Gazette for the purposes of that section;

And whereas, the Income-tax Act, 1961 (43 of 1961) was repealed by section 536(1) of the Income-tax Act, 2025 (30 of 2025);

And whereas, section 536(2)(a) and (b) of the Income-tax Act, 2025 (30 of 2025), inter alia, provides that irrespective of the repeal of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act of 1961) and subject to sub-section (4) thereof, nothing shall affect-

(i) the previous operation of the provisions of the Act of 1961 and any order or anything duly done or suffered thereunder; or

(ii) any right, privilege, obligation or liability acquired, accrued or incurred under the Act of 1961 or orders under that Act;

And whereas, section 536(2)(c) of the Income-tax Act, 2025 (30 of 2025) provides that the provisions of the Act of 1961 shall continue to apply to any proceeding pending on the date of commencement of the Income-tax Act, 2025 (30 of 2025) and to any proceedings initiated on or after the 1st April, 2026 (including notices, assessment, reassessment, recomputation, rectification, penalty, reference, revision and appeals) in respect of any tax year beginning before the 1st April, 2026 and such proceedings shall be carried out as per the procedure specified in the Act of 1961;

And whereas, section 536(2)(e) of the Income-tax Act, 2025 (30 of 2025) provides that any proceeding pending on the date of its commencement before any income-tax authority or any other authority constituted under the repealed Income-tax Act, Appellate Tribunal, or any court, by way of application, appeal, reference or revision or by any other means, shall be continued and disposed of as if this Act had not been enacted;

Now, therefore, in pursuance of the provisions of section 536(2)(a) to (c) and (e) of the Income-tax Act, 2025 (30 of 2025), the Central Government hereby notifies, for the purposes of section 10(46) of the Act of 1961, “Baddi Barotiwala Nalagarh Development Authority (PAN AAALB0528J)”, an authority constituted by the State Government of Himachal Pradesh, in respect of the following specified income arising to that Authority, namely:-

(a) grants received from the Central Government or the State Government of Himachal Pradesh;

(b) revenue receipts under the Himachal Pradesh Town and Country Planning Act, 1977 (Himachal Pradesh Act 12 of 1977); and

(c) interest on bank deposits.

2. This notification shall be effective subject to the conditions that the Baddi Barotiwala Nalagarh Development Authority-

(a) shall not engage in any commercial activity;

(b) its activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provisions of section 139(4C)(g) of the Act of 1961.

3. Failure to comply with these conditions shall result in the initiation of penal actions under the provisions of the Act of 1961, and withdrawal of exemption granted under section 10(46) of the Act of 1961.

4. This notification shall be deemed to have been applied for the assessment years 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24 relevant to the financial years 2018-19, 2019-20, 2020-21, 2021-22 and 2022-23.

[No. 82/2026/F. No. 300196/45/2025-ITA-I]

HARDEV SINGH, Under Secy.

Explanatory Memorandum

It is certified that the interests of no person are being adversely affected by giving retrospective effect [with effect from the year of application filed before the Board or Income tax Department] to this notification.

View Attachment

RBI/2026-27/177
DOR.HGG.GOV.150/29.67.001/2026-27

July 14, 2026

Reserve Bank of India (Commercial Banks – Governance) Amendment Directions, 2026

The Reserve Bank of India has amended the RBI (Commercial Banks – Governance) Directions, 2025, to streamline the matters required to be placed before bank Boards. The changes aim to reduce routine agenda items and enable Boards to devote more time to business strategy, financial soundness, risk governance, compliance and other critical oversight responsibilities.

Under the revised framework, bank Boards must oversee risk management systems, policies and strategies; exposures to related entities, including subsidiaries; and compliance with corporate governance standards. The RBI has also specified separate categories for policies and other matters requiring Board approval, review or information, as well as matters that may be delegated to Board or Management Committees.

Boards may delegate the review of Board-approved policies to their committees, while material amendments must continue to receive Board approval. Each Board must clearly identify matters reserved for its approval, ensure timely and adequate information from management, and periodically review delegated responsibilities and meeting agenda practices. The Chairperson will have primary responsibility for setting the Board meeting agenda.

These provisions will apply to both Public Sector Banks and Private Sector Banks, with necessary modifications. The Amendment Directions will take effect from October 1, 2026. CA Sansaar

View Attachment

RBI/2026-27/178
DOR.HGG.GOV.151/29.67.001/2026-27

July 14, 2026

Reserve Bank of India (Small Finance Banks – Governance) Amendment Directions, 2026

The Reserve Bank of India has amended the Small Finance Banks–Governance Directions, 2025, to help bank Boards focus more effectively on strategy, financial soundness, risk governance and compliance. Boards will continue to oversee risk management frameworks, exposures to related entities and adherence to corporate governance standards.

The revised framework classifies policies and other matters that require Board approval, review or information, as well as matters that may be delegated to Board or Management Committees. While policy reviews may be delegated to Board Committees, material amendments must receive Board approval. Boards must also clearly define reserved and delegated matters, obtain adequate management information, periodically assess agenda quality and ensure sufficient time for critical strategic and risk-related discussions.

The Amendment Directions will take effect from October 1, 2026. CA Sansaar

(Scenta Joy)
Chief General Manager

View Attachment

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued Notification No. 73/2026 dated July 2, 2026, granting income tax exemption to the Mussoorie Dehradun Development Authority under Section 10(46) of the Income-tax Act, 1961.

The notification has been issued in relation to specified income received by the authority, including grants, loans and advances from the Government of Uttarakhand, fees and charges collected under the Uttarakhand Urban and Country Planning and Development Act, 1973, income from disposal of land, buildings and other properties, lease or rent income, and interest earned on bank deposits.

The exemption will apply subject to certain conditions. The authority must not engage in any commercial activity, its activities and nature of specified income must remain unchanged, and it must file its income tax return as required under Section 139(4C)(g) of the Income-tax Act, 1961.

The notification also states that failure to comply with the prescribed conditions may lead to penal action and withdrawal of the exemption granted under Section 10(46). The exemption has been given retrospective effect for Assessment Years 2022–23 and 2023–24, relevant to Financial Years 2021–22 and 2022–23.

For a 30-year-old finance, taxation, or compliance professional with around 10 years of experience, this notification is important because it highlights how specified authorities can receive income tax exemption only for notified income and subject to strict compliance conditions. It also reflects the continued relevance of older provisions of the Income-tax Act, 1961 for past assessment years, even after the enactment of the Income-tax Act, 2025. CA Sansaar

View Attachment

RBI/2026-27/155
DOR.MRG.REC.No.141/21-01-002/2026-27

June 24, 2026

Reserve Bank of India (Commercial Banks - Prudential Norms on Capital Adequacy) Tenth Amendment Directions, 2026

Please refer to Annex I of the FMRD Master Direction - Risk Management and Inter-Bank Dealings (Master Direction No. 1/2016-17 dated July 5, 2016) and paragraph 199 (Section D.4) of the Reserve Bank of India (Commercial Banks - Prudential Norms on Capital Adequacy) Directions, 2025 dated November 28, 2025, which specify the methodology for computation of Net Open Position and calculation of capital charge on foreign exchange risk. Upon a review and to ensure greater alignment with international standards and consistent implementation across commercial banks, there is a felt need to amend these instructions.

2. Accordingly, in exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and all other provisions / laws enabling the Reserve Bank of India (RBI) to issue instructions in this regard, the RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Amendment Directions hereinafter specified.

3. (i) These instructions shall be called the Reserve Bank of India (Commercial Banks - Prudential Norms on Capital Adequacy) Tenth Amendment Directions, 2026.

(ii) These Amendment Directions shall come into effect from April 1, 2027.

4. The Reserve Bank of India (Commercial Banks - Prudential Norms on Capital Adequacy) Directions, 2025 are amended as provided below.

(i) Paragraph 199 shall be substituted by the following, namely:–

“D.4 Foreign Exchange Risk

199. A bank shall compute capital charge for foreign exchange risk as per the following method.

View Attachment

RBI/2026-27/157
DOR.MRG.REC.No.143/21-01-002/2026-27

June 24, 2026

Reserve Bank of India (Local Area Banks - Prudential Norms on Capital Adequacy) Amendment Directions, 2026

Please refer to paragraph 29 of the Reserve Bank of India (Local Area Banks - Prudential Norms on Capital Adequacy) Directions, 2025 dated November 28, 2025 which inter alia specifies the requirement for maintenance of capital charge on foreign exchange risk. Upon a review and to ensure greater alignment with international standards and consistent implementation across Local Area Banks, there is a felt need to amend these instructions.

2. Accordingly, in exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and all other provisions / laws enabling the Reserve Bank of India (RBI) to issue instructions in this regard, the RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Amendment Directions hereinafter specified.

3. (i) These instructions shall be called the Reserve Bank of India (Local Area Banks - Prudential Norms on Capital Adequacy) Amendment Directions, 2026.

(ii) These Amendment Directions shall come into effect from April 1, 2027.

4. The Reserve Bank of India (Local Area Banks - Prudential Norms on Capital Adequacy) Directions, 2025 are amended as provided below.

(i) Paragraph 29 shall be substituted by the following, namely:–

“Measurement of capital charge for foreign exchange and gold open positions

29. An LAB shall compute capital charge for foreign exchange risk as per the following method.

View Attachment

RBI/2026-27/158
DOR.MRG.REC.No.144/21-01-002/2026-27

June 24, 2026

Reserve Bank of India (Regional Rural Banks - Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026

Please refer to Chapter III of the Reserve Bank of India (Regional Rural Banks - Prudential Norms on Capital Adequacy) Directions, 2025 dated November 28, 2025 which inter alia specifies the capital requirement on foreign exchange and gold open positions. Upon a review and to ensure consistent implementation across Regional Rural Banks, there is a felt need to amend these instructions.

2. Accordingly, in exercise of the powers conferred by section 35A of the Banking Regulation Act, 1949 and all other provisions / laws enabling the Reserve Bank of India (RBI) to issue instructions in this regard, the RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Amendment Directions hereinafter specified.

3. (i) These instructions shall be called the Reserve Bank of India (Regional Rural Banks - Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026.

(ii) These Amendment Directions shall come into effect from April 1, 2027.

4. The Reserve Bank of India (Regional Rural Banks - Prudential Norms on Capital Adequacy) Directions, 2025 are amended as provided below.

(i) Sr. No. V in the Table under paragraph 15(1) shall be substituted by the following, namely:–

“

”.

(ii) A new paragraph 15(6) shall be inserted after paragraph 15(5), namely:–

“15(6) Computation of Net Open Position for Foreign Exchange Risk

View Attachment

RBI/2026-27/159
DOR.MRG.REC.No.145/21-01-002/2026-27

June 24, 2026

Reserve Bank of India (Urban Co-operative Banks - Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026

Please refer to Annex I of the FMRD Master Direction - Risk Management and Inter-Bank Dealings (Master Direction No. 1/2016-17 dated July 5, 2016) and paragraphs 17 and 20 of the Reserve Bank of India (Urban Co-operative Banks - Prudential Norms on Capital Adequacy) Directions, 2025 dated November 28, 2025, which specify the methodology for computation of Net Open Position and calculation of capital charge on foreign exchange risk. Upon a review and to ensure consistent implementation across Urban Co-operative Banks, there is a felt need to amend these instructions.

2. Accordingly, in exercise of the powers conferred by Section 35A read with Section 56 of the Banking Regulation Act, 1949 and all other provisions / laws enabling the Reserve Bank of India (RBI) to issue instructions in this regard, the RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby issues the Amendment Directions hereinafter specified.

3. (i) These instructions shall be called the Reserve Bank of India (Urban Co-operative Banks - Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026.

(ii) These Amendment Directions shall come into effect from April 1, 2027.

4. The Reserve Bank of India (Urban Cooperative Banks - Prudential Norms on Capital Adequacy) Directions, 2025 are amended as provided below.

(i) Sub-paragraph 20(18) shall be substituted by the following, namely: –

“20(18) A UCB shall compute the capital charge for foreign exchange risk and gold open positions as per the following method.

View Attachment

RBI/2026-27/161
DOR.MRG.REC.No.147/21-01-002/2026-27

June 24, 2026

Reserve Bank of India (All India Financial Institutions (AIFIs) – Prudential Norms on Capital Adequacy) Fourth Amendment Directions, 2026

Please refer to Annex I of the FMRD Master Direction - Risk Management and Inter-Bank Dealings (Master Direction No. 1/2016-17 dated July 5, 2016) and paragraph 192 (Section D.4) of the Reserve Bank of India (All India Financial Institutions (AIFIs) – Prudential Norms on Capital Adequacy) Directions, 2025 dated November 28, 2025, which specify the methodology for computation of Net Open Position and calculation of capital charge on foreign exchange risk. Upon a review and to ensure greater alignment with international standards and consistent implementation across All India Financial Institutions, there is a felt need to amend these instructions.

2. Accordingly, in exercise of the powers conferred by Section 45L of the Reserve Bank of India Act, 1934 and all other provisions / laws enabling the Reserve Bank of India (RBI) to issue instructions in this regard, the RBI being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Amendment Directions hereinafter specified.

3. (i) These instructions shall be called the Reserve Bank of India (All India Financial Institutions (AIFIs) – Prudential Norms on Capital Adequacy) Fourth Amendment Directions, 2026.

(ii) These Amendment Directions shall come into effect from April 1, 2027.

4. Reserve Bank of India (All India Financial Institutions (AIFIs) – Prudential Norms on Capital Adequacy) Directions, 2025 are amended as provided below.

(i) Paragraph 192 shall be substituted by the following, namely: -

View Attachment

RBI/2026-27/163
DOR.FIN.REC.No.137/03.10.001/2026-27

June 24, 2026

Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Second Amendment Directions, 2026

The Reserve Bank has issued the Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 dated November 28, 2025 (hereinafter referred to as ‘Directions’) in exercise of the powers conferred to it under the provisions of the Reserve Bank of India Act, 1934, the Factoring Regulation Act, 2011 and the National Housing Bank Act, 1987. There is a need to amend the Directions based on a review of instructions pertaining to methodology for identification of NBFCs in the Upper layer and placement of Government owned NBFCs in various layers as envisaged under the Scale Based Regulatory Framework for NBFCs.

2. Accordingly, in exercise of the powers conferred with the Reserve Bank under sections 45JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934), section 3 read with section 31A and section 6 of the Factoring Regulation Act, 2011 (Act 12 of 2012), and sections 30, 30A, 32 and 33 of the National Housing Bank Act, 1987 (Act 53 of 1987), and all other laws enabling the Reserve Bank in this behalf, the Reserve Bank being satisfied that it is necessary and expedient in the public interest so to do, hereby issues the Amendment Directions hereinafter specified.

3. These Amendment Directions shall be called the Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Second Amendment Directions, 2026.

4. These Amendment Directions shall come into force with effect from date of issuance.

5. These Amendment Directions modify the Directions as under:

View Attachment

RBI/2026-27/164
DOR.FIN.REC.No.138/03.10.001/2026-27

June 24, 2026

Reserve Bank of India (Non-Banking Financial Companies – Concentration Risk Management) Third Amendment Directions, 2026

The Reserve Bank has issued the Reserve Bank of India (Non-Banking Financial Companies – Concentration Risk Management) Directions, 2025 dated November 28, 2025 (hereinafter referred to as ‘Directions’) in exercise of the powers conferred to it under Chapter IIIB of the Reserve Bank of India Act, 1934, and all other provisions / laws. There is a need to amend the Directions based on a review of regulations applicable to NBFCs in the Upper Layer under the Scale Based Regulatory Framework for NBFCs and regulations on Credit/ Investment Concentration norms applicable to Government owned NBFCs.

2. Accordingly, in exercise of the powers conferred with the Reserve Bank under sections 45JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934), section 3 read with section 31A and section 6 of the Factoring Regulation Act, 2011 (Act 12 of 2012), and sections 30, 30A, 32 and 33 of the National Housing Bank Act, 1987 (Act 53 of 1987), and all other laws enabling the Reserve Bank in this behalf, the Reserve Bank being satisfied that it is necessary and expedient in the public interest so to do, hereby issues the Amendment Directions hereinafter specified.

3. These Amendment Directions shall be called the Reserve Bank of India (Non-Banking Financial Companies - Concentration Risk Management) Third Amendment Directions, 2026.

4. These Amendment Directions shall come into force with effect from date of issuance.

View Attachment

RBI/2026-27/166
DOR.FIN.REC.No.140/03.10.001/2026-27

June 24, 2026

Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Second Amendment Directions, 2026

The Reserve Bank has issued the Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Directions, 2025 dated November 28, 2025 (hereinafter referred to as ‘Directions’) in exercise of the powers conferred to it under the provisions of the Reserve Bank of India Act, 1934, the Factoring Regulation Act, 2011, the National Housing Bank Act, 1987, and all other provisions / laws. There is a need to amend the Directions based on a review of regulations applicable to NBFCs in the Upper Layer under the Scale Based Regulatory Framework for NBFCs.

2. Accordingly, in exercise of the powers conferred with the Reserve Bank under sections 45JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934), section 3 read with section 31A and section 6 of the Factoring Regulation Act, 2011 (Act 12 of 2012), and sections 30, 30A, 32 and 33 of the National Housing Bank Act, 1987 (Act 53 of 1987), and all other laws enabling the Reserve Bank in this behalf, the Reserve Bank being satisfied that it is necessary and expedient in the public interest so to do, hereby issues the Amendment Directions hereinafter specified.

3. These Amendment Directions shall be called the Reserve Bank of India (Non-Banking Financial Companies – Financial Statements: Presentation and Disclosures) Second Amendment Directions, 2026.

4. These Amendment Directions shall come into force with effect from date of issuance.

5. These Amendment Directions modify the Directions as under:

(1) After paragraph 23, the following proviso shall be inserted, namely: -

“Provided that these provisions shall not be applicable to NBFC-UL which are fully owned and controlled by Government.”

(J P Sharma)
Chief General Manager-in-Charge

View Attachment

View Attachment

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 25th June, 2026

(No. 71 of 2026-CBDT)

S.O. 3454(E).— In pursuance to the section 45(4)(b) of the Income-tax Act, 2025, the Central Government hereby approves the University of Hyderabad (PAN: AAAAU8109M) for Scientific Research under the category of university, college or other institution, for the purposes of section 45(3)(a)(i) of the said Act of 2025 and rules 32 and 34 of the Income-tax Rules, 2026.

2. This notification shall be applicable to the University of Hyderabad for the tax years 2026-2027 to 2030-2031, subject to the following conditions:

(i) It shall comply with the conditions specified in rule 34 of the Income-tax Rules, 2026.

(ii) It shall prepare a statement under section 45(4)(a) of the Income-tax Act, 2025, for each tax year in Form No. 15 and deliver or cause it to be delivered to the Director General of Income-tax (Systems) or the person authorized by him on or before 31st May, immediately following the tax year in which the donation is received, in accordance with rule 31 of the Income-tax Rules, 2026.

(iii) It shall furnish to the donor a certificate in Form No. 16 specifying the amount of donation in accordance with rule 31 of the Income-tax Rules, 2026.

[F. No. 203/21/2025/ITA-II]

INDU BALA
Deputy Secretary

View Attachment

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 25th June, 2026

(No. 72 of 2026 – CBDT)

S.O. 3455(E).— In pursuance of section 45(4)(b) of the Income-tax Act, 2025, the Central Government hereby approves the Public Health Foundation of India, Delhi (PAN: AABAP4445L) for Scientific Research under the category of University, college or other institution, for the purposes of section 45(3)(a)(i) of the said Act, 2025 and rules 32 and 34 of the Income-tax Rules, 2026.

Conditions

This notification shall be applicable to the Public Health Foundation of India, Delhi for the tax years 2026–2027 to 2030–2031, subject to the following conditions:

1. It shall comply with the conditions specified in Rule 34 of the Income-tax Rules, 2026.
2. It shall prepare a statement under Section 45(4)(a) of the Income-tax Act, 2025 for each tax year in Form No. 15 and deliver it to the Director General of Income-tax (Systems) or any person authorized by him on or before 31st May, immediately following the tax year in which the donation is received, in accordance with Rule 31 of the Income-tax Rules, 2026.
3. It shall furnish to the donor a certificate in Form No. 16, specifying the amount of donation in accordance with Rule 31 of the Income-tax Rules, 2026.

[F. No. 203/22/2025/ITA-II]

INDU BALA
Deputy Secretary

View Attachment

RBI/2026-27/174
A.P. (DIR Series) Circular No.17

June 24, 2026

To
All Authorised Persons

Madam / Sir,

Modification of Returns / Reporting requirements under FEMA, 1999

Attention of Authorised Persons is invited to the provisions contained in the Foreign Exchange Management (Authorised Persons) Regulations, 2026, Master Direction – Money Changing Activities, Master Direction – Money Transfer Service Scheme (MTSS), and Master Direction – Reporting under Foreign Exchange Management Act, 1999, as amended from time to time.

2. On a review, it has been decided to rationalise certain reporting requirements, and prescribe/modify reporting formats pursuant to the Foreign Exchange Management (Authorised Persons) Regulations, 2026.

3. The formats for submission of various returns are provided in the Annex to this circular. The following additional instructions shall apply:

i) The revised format of FLM-8 shall also capture details relating to write-off of foreign currency notes. The requirement of obtaining prior approval of the Reserve Bank for write-off of foreign currency notes exceeding USD 2000 has been discontinued. Entities maintaining Nostro accounts and reporting the relevant transactions through FETERS shall not submit FLM-8 returns.

ii) Authorised Persons having franchisee arrangements shall submit a list of such arrangements within 15 days from the end of each calendar quarter.

iii) Indian Agents under MTSS shall submit the list of Sub-Agents on a quarterly basis within 15 days from the end of each calendar quarter.

View Attachment

RBI/FMRD/2026-27/407
FMRD.DIRD.No.02/14.03.046/2026-27

June 25, 2026

To
All participants in credit derivatives markets

Dear Sir/Madam,

Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026

Please refer to Paragraph 13 of the Statement on Developmental and Regulatory Policies announced as a part of the Bi-monthly Monetary Policy Statement for 2025-26 dated February 06, 2026, regarding the introduction of derivatives on credit indices and total return swaps on corporate bonds. Accordingly, draft directions were released for public comments on February 06, 2026.

2. Based on the feedback received, the Directions have since been finalised and issued herewith.

3. These Directions have been issued by the Reserve Bank in exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934, and of all the powers enabling it in this behalf.

4. These Directions shall be applicable from immediate effect.

Yours faithfully

(Dimple Bhandia)
Chief General Manager

View Attachment

RBI/2026-27/175
A.P. (DIR Series) Circular No. 18

June 24, 2026

To

All Authorised Persons

Madam / Sir,

Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)

In pursuance of the Reserve Bank’s ongoing initiative to rationalise the regulatory framework under the Foreign Exchange Management Act, 1999 (FEMA), a review of circulars issued since June 01, 2000, has been undertaken. The circulars, as listed at Annex, that have ceased to be operative owing to subsequent regulatory amendments, redundancy, overlap or supersession by newer directives, are being withdrawn.

2. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned.

3. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully

(Dr. Aditya Gaiha)
Chief General Manager-In-Charge

View Attachment

The Central Government has issued a notification under Section 112 of the Central Goods and Services Tax (CGST) Act, 2017, specifying 31 July 2026 as the last date for filing specified appeals and applications before the Goods and Services Tax Appellate Tribunal (GSTAT). The notification has been issued by the Ministry of Finance, Department of Revenue, based on the recommendations of the GST Council.

The notification supersedes the earlier notification S.O. 4220(E) dated 17 September 2025, except for actions already taken or omitted before such supersession. It has been issued in exercise of the powers conferred under Section 112(1) read with Section 112(3) of the CGST Act, 2017.

As per the notification, appeals against orders communicated before 1 May 2026 may be filed before the GST Appellate Tribunal up to 31 July 2026. However, where the order is communicated on or after 1 May 2026, the normal statutory limitation prescribed under Section 112(1) shall apply, allowing appeals to be filed within three months from the date of communication of the order.

The notification also provides that applications relating to orders passed before 1 February 2026 may be filed up to 31 July 2026. For orders passed on or after 1 February 2026, the time limit prescribed under Section 112(3) of the CGST Act shall continue to apply, permitting applications to be filed within six months from the date of the order.

The notification is dated 30 June 2026 and will be published in the Gazette of India (Extraordinary), Part II, Section 3, Sub-section (ii). It is intended to provide clarity regarding the filing timeline for pending GST appellate matters before the GST Appellate Tribunal.

View Attachment

RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
Mumbai 400 001

Notification No. FEMA 5(R)(6)/2026-RB

June 18, 2026

Foreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026

In exercise of the powers conferred by sub-section (2) of section 6 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Deposit) Regulations, 2016 (Notification No. FEMA 5 (R)/2016-RB dated April 01, 2016) (hereinafter referred to as 'the principal regulations'), namely:-

1. Short Title and Commencement: -

(i)These regulations may be called the Foreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026.

(ii)They shall come into force from the date of their publication in the Official Gazette.

2. In the principal regulations, in regulation 2, after clause (v), the following shall be inserted namely:-

“(v-a) ‘International Financial Services Centre’ or ‘IFSC’ shall have the same meaning as assigned to it in clause (g) of section 3 of the International Financial Services Centres Authority Act, 2019 (50 of 2019).”

3. In the principal regulations, the sub-regulation (4) of regulation 5, shall be substituted by the following namely:-

“Any person resident outside India may open, hold and maintain with an authorised dealer in India or its branch outside India (including in an IFSC in India), a Special Non-Resident Rupee Account (SNRR account), specified in Schedule 4.”

4. In the principal regulations, in Schedule 1, in paragraph 3, after clause (j), the following shall be inserted namely:-

“(k) Transfer from NRO account within the limit specified in Regulation 4 of Foreign Exchange Management (Remittance of Assets) Regulations, 2016.”

5. In the principal regulations, in Schedule 3, in sub-paragraph (B) of paragraph 3, after clause (iv), the following shall be inserted namely:-

“(v) Transfer to NRE or SNRR account within the limit specified in Regulation 4 of Foreign Exchange Management (Remittance of Assets) Regulations, 2016.”

6. In the principal regulations, in Schedule 4, the existing paragraph 1 shall be substituted by the following namely:-

A person resident outside India may open a Special Non-Resident Rupee Account (SNRR account), with an authorised dealer in India or its branch outside India (including in an IFSC in India), for the purpose of putting through permissible current and capital account transactions with a person resident in India in accordance with the rules and regulations framed under the Act, and for putting through any bona fide transaction with a person resident outside India.

7. In the principal regulations, in Schedule 4, the existing paragraphs 2,5,6,7,8 shall be deleted.

8. In the principal regulations, in Schedule 4, the existing paragraph 10 shall be substituted by the following namely:-

“Transfer from NRO account to SNRR account shall be in accordance with the Schedule 3 of these regulations.”

9. In the principal regulations, in schedule 4, after paragraph 15, the following shall be inserted namely:-

“16. Transactions between persons resident outside India involving the SNRR accounts, which may not be subject to compliance under the Act, or the Rules and Regulations framed thereunder, are to be effected by the AD bank based on instructions/mandate from the account holder that shall indicate the underlying purpose of the transfer.”

(N Senthil Kumar)
Chief General Manager

View Attachment

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 34/2026-Central Excise

New Delhi, the 30th June, 2026

G.S.R. ...(E).— In exercise of the powers conferred by Section 5A of the Central Excise Act, 1944 (1 of 1944) read with Section 112 of the Finance Act, 2018 (13 of 2018), the Central Government, being satisfied that it is necessary in the public interest, hereby makes the following further amendments to Notification No. 11/2026-Central Excise dated 26th March, 2026, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 210(E) dated 26th March, 2026, namely:—

 This notification shall come into force with immediate effect.

[F. No. 190349/13/2026-TRU]

(Dheeraj Sharma)
Under Secretary

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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 35/2026-Central Excise

New Delhi, the 30th June, 2026

G.S.R. ...(E).— In exercise of the powers conferred by section 112 of the Finance Act, 2018 (13 of 2018), read with section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 04/2019-Central Excise, dated the 6th July, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 487(E), dated the 6th July, 2019, namely:—

In the said notification, in paragraph 2, for the words “Nepal, Bhutan, Bangladesh and Sri Lanka”, the words “Nepal, Bhutan, Bangladesh, Sri Lanka, Maldives and Mauritius” shall be substituted.

2. This notification shall come into force with immediate effect.

[F. No. 190349/13/2026-TRU]

(Dheeraj Sharma)
Under Secretary

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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 36/2026-Central Excise

New Delhi, the 30th June, 2026

G.S.R. ...(E).— In exercise of the powers conferred by Section 5A of the Central Excise Act, 1944 (1 of 1944) read with Section 147 of the Finance Act, 2002 (20 of 2002), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in Notification No. 06/2026-Central Excise, dated 26th March, 2026, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 205(E), dated 26th March, 2026, namely:—

Amendments

In the said notification, in the Table:

1. Against Serial Number 1, in Column (4), for the existing entry, the entry "Rs. 4 per litre" shall be substituted.
2. Against Serial Number 2, in Column (4), for the existing entry, the entry "Rs. 8.5 per litre" shall be substituted.

Effective Date

This notification shall come into force with effect from 1st July, 2026.

[F. No. 190349/13/2026-TRU]

(Dheeraj Sharma)
Under Secretary to the Government of India

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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 37/2026-Central Excise

New Delhi, the 30th June, 2026

G.S.R. ...(E).— In exercise of the powers conferred by Section 5A of the Central Excise Act, 1944 (1 of 1944), read with Section 147 of the Finance Act, 2002 (20 of 2002), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in Notification No. 08/2026-Central Excise, dated the 26th March, 2026, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 207(E), dated the 26th March, 2026, namely:—

In the said notification, in the Table, against serial number 1, in column (4), for the existing entry, the entry “Rs. 7.5 per litre” shall be substituted.

2. This notification shall come into force with effect from 1st July, 2026.

[F. No. 190349/13/2026-TRU]

(Dheeraj Sharma)
Under Secretary to the Government of India

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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

Notification No. 22/2026-Customs

New Delhi, the 30th June, 2026

G.S.R. ...(E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2026-Customs, dated the 1st April, 2026, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 246(E), dated the 1st April, 2026, namely:—

In the said notification, in paragraph 2, for the figures and word “30th June, 2026”, the figures and word “15th July, 2026” shall be substituted.

[F. No. 354/1/2026-TRU]

(Dheeraj Sharma)
Under Secretary

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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)

Notification No. 23/2026-Customs

New Delhi, the 30th June, 2026

G.S.R. …..(E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2026-Customs, dated the 1st April, 2026, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 247(E), dated the 1st April, 2026, namely:—

In the said notification, in paragraph 2, for the figures and word “30th June, 2026”, the figures and word “15th July, 2026” shall be substituted.

[F. No. 354/1/2026-TRU]

(Dheeraj Sharma)
Under Secretary

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Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs

Notification No. 60/2026-CUSTOMS (N.T.)

New Delhi, 30th June, 2026
 

09 Ashadha, 1948 (SAKA)

S.O. … (E).— In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in Notification No. 36/2001-Customs (N.T.), dated 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 748(E), dated 3rd August, 2001.

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The Central Board of Direct Taxes (CBDT) has provided relief to charitable funds and institutions by condoning the delay in filing Form 10AB for renewal of approval under Section 80G(5) of the Income-tax Act. The relaxation applies to applications filed electronically between October 1, 2025, and March 31, 2026, allowing eligible organizations to have their applications considered on merits. CBDT has also directed tax authorities to review previously rejected applications that were denied solely due to delayed filing. However, the circular clarifies that this relief does not guarantee automatic approval under the Act. (CASANSAAR)

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