Eligibility of industrial parks for tax benefits set by operational start date and central approval requirement.
Rule 18C conditions eligibility of industrial parks for tax benefits: the undertaking must commence operations within the specified commencement window, obtain approval by the Ministry of Industry under the notified industrial park scheme, and continue to fulfil the scheme's conditions; on such approval the Central Board of Direct Taxes will notify industrial parks as eligible for benefits.

Tax-free bond specification: exemption granted for specified Konkan Railway bonds subject to holder registration requirement.
Central Government specifies tax-free Konkan Railway Bonds (7A-Series) under sub-clause (h) of clause (iv) of sub-section (15) of section 10 of the Income-tax Act, identifying bonds with distinctive numbers 1 to 11,40,000 issued by Konkan Railway Corporation Limited; the tax-exempt benefit is admissible only if the holder registers their name and holding with the Corporation.

Income-tax rules amendment removes certain subclauses from a specified rule, modifying procedural provisions under the Income-tax Rules.
The notification effects a targeted amendment to the Income-tax Rules, 1962: in Part I, rule 2D, sub rule (5), clauses (b) and (c) are expressly omitted, and the amendment is made as the Income-tax (26th Amendment) Rules, 1998 to take effect from the first day of April following promulgation.

Cash equivalent of leave salary: government fixes an upper limit for retiring employees under the income tax exemption provision.
The Central Government, exercising power under the income-tax exemption sub-clause for leave encashment, prescribes a monetary ceiling as the limit on the cash equivalent of earned leave salary that may be treated as exempt for employees who retire after the operative date, whether by superannuation or otherwise; this notification fixes the cap applicable for exemption calculation at retirement.

Tax deduction under section 80L: specified ICICI Regular Income Bonds are notified as qualifying investments.
Specification under section 80L designates three series of five year ICICI Regular Income Bonds issued in a public safety bond offering as the qualifying class of instruments, identified by series name, fixed interest rates, distinctive numbering ranges, and a common face value per bond, limited to those bonds issued in that public issue.

Jurisdictional designation reallocates income tax appellate jurisdiction and transfers pending appeals to newly assigned appellate charges.
The notification abolishes Commissioner of Income-tax (Appeals)-VII, reallocates appellate jurisdiction under section 120, and directs specified Commissioners of Income-tax (Appeals) to perform appellate functions for persons assessed by the assessing authorities listed in the schedule across multiple tax statutes. It provides that appeals pending in transferred Wards/Circles/Special Ranges immediately before the effective date shall be transferred to and dealt with by the Commissioner to whom the area is reassigned, and the order takes effect from the date of notification.

Investment from Capital gains under section 54EA: specified securities eligible if retained beyond the seven-year period.
Specification under section 54EA designates fully convertible debentures and bonds to be issued by Koshika Telecom Ltd as eligible reinvestment securities for long-term capital gains; issuance is limited to one year from publication and to specified aggregate amounts. Investment must be made out of income chargeable as Capital gains, and if the debentures, bonds or shares on conversion are converted into money or transferred within seven years of allotment, the initial investment is chargeable to tax as Capital gain under subsection (2) of section 54EA.

Capital gains reinvestment under section 54EA: specified Koshika Telecom debentures and bonds qualify subject to three year lock in.
Specification under section 54EA designates fully convertible debentures and bonds issued by Koshika Telecom Ltd. as eligible investments where the assessee invests net consideration from the transfer of a long term capital asset. If the assessee converts into money or transfers those securities or the shares on conversion within three years of allotment, the initial investment shall be chargeable to tax as capital gain under sub section (2) of section 54EA.

Specified tax-deduction bonds under section 80L designated for IDBI Flexibond-2 public issue, listing three bond series.
Central Government specifies certain bond issues for the purpose of section 80L(1)(ii) by identifying three Flexibond-2 series-Super Deposit Bonds, Double Money Bonds and Monthly Income Bonds-each defined by specific distinctive number ranges and a face value of five thousand rupees per bond, thereby confining the specification to the enumerated bond numbers within those series.

Motor vehicle sale exclusion clarified: two wheeled vehicles and detachable side cars are excluded from sale or purchase definition.
Amendment narrows the scope of the rule governing transactions in motor vehicles by inserting a proviso excluding two wheeled vehicles from the definition of "sale or purchase of a motor vehicle or vehicle" in rule 114B, clause (b); the exclusion expressly covers two wheeled vehicles including any detachable side car with an extra wheel attached to the motor vehicle.

Approval under section 36(1)(viii) permits specified tax treatment subject to compliance with statutory conditions.
Peerless Abasan Finance Limited, Calcutta, has been granted governmental approval under section 36(1)(viii) of the Income-tax Act, 1961, for specified assessment years, subject to the condition that the company conforms to and complies with the provisions of section 36(1)(viii); the approval is recorded by an administrative notification reference.

Approval under tax provision confirms GRUH Finance's recognition, subject to compliance with the relevant income tax provision for specified years.
Approval is granted to GRUH Finance Limited for recognition under 36(1)(viii) of the Income tax Act, 1961 for specified assessment years, conditioned on the company's conformity with and compliance to the provisions of that income tax provision.

Certificate requirement for software exports: supporting developers must present Form No.10CCAG under section 80HHE.
A new sub rule requires that the certificate to be furnished by a supporting software developer under clause (ii) of sub section (4A) of section 80HHE must be issued by the exporting company and be in Form No. 10CCAG; Form No. 10CCAG is inserted into Appendix II of the Income tax Rules, 1962, and the amendment takes effect on publication in the Official Gazette.

Appeal fee structure revised: tiered filing fees and mandatory bank challan procedure for income tax appeals.
Removes references to the Deputy Commissioner (Appeals) from rule 45 and Form No. 35, updates appellate officer descriptions in Form No. 36, and prescribes a tiered fee schedule for memoranda of appeal and stay applications based on the assessee's total income, requires payment by challan at authorised or specified government banks with transmission of challan copies to the relevant appellate authority, and exempts cross objections from fee while advising that the tribunal will not accept negotiable instruments.

Section 80L specification: HUDCO taxable bonds designated for deduction eligibility, specifying tenor and coupon rate.
Central Government specifies that 10 year, 13.5% taxable HUDCO Bonds (Series VII) are designated under clause (ii) of sub section (1) of section 80L of the Income tax Act, identifying the bonds by distinctive numbers, face value per bond, aggregate issue size, and naming Housing and Urban Development Corporation Limited as issuer for the purpose of that clause.

Deduction under section 80GG now requires a prescribed declaration certifying occupation, rent payment and non-ownership of other residence.
Amendment adds Rule 11B requiring a prescribed declaration as a condition for allowance of the deduction under section 80GG for rent paid on accommodation occupied for self-residence, and inserts a form requiring particulars of occupation period, rent payment and landlord, and certification that no other residential accommodation is owned by the assessee or specified family members.

Approval under section 36(1)(viii) allows G.L.F.L. Housing Finance limited deduction claims subject to compliance conditions.
Approval of G.L.F.L. Housing Finance Limited by the Central Government under section 36(1)(viii) of the Income-tax Act, 1961, is notified for the assessment years 1998-99 and 1999-2000, subject to the condition that the company conform to and comply with the provisions of section 36(1)(viii).

Section 36(1)(viii) approval requires company compliance with statutory conditions to qualify for the tax deduction benefit.
Approval under section 36(1)(viii) is granted to Maharishi Housing Development Finance Corporation Limited, New Delhi, permitting the company to claim the specified income-tax provision for the stated assessment years, subject to statutory conditions and the company's continued conformity with the requirements of section 36(1)(viii).

Approval under section 36(1)(viii) requires the company to conform to statutory provisions for specified assessment years.
Approval is granted to Dewan Housing Finance Corporation Limited for the purposes of section 36(1)(viii) of the Income-tax Act, 1961 for the stated assessment years, and the approval is conditional on the company's conformity and compliance with the provisions of that section.

Approval under section 36(1)(viii) recognises a housing finance company for tax treatment, subject to compliance with statutory conditions.
Approval is granted to Mercantile Housing Finance Limited, Chennai, under section 36(1)(viii) of the Income-tax Act, 1961 for specified assessment years, subject to the condition that the company will conform to and comply with the provisions of section 36(1)(viii).