Taxable difference on Zero Coupon Bonds designated as redemption-minus-bid spread for specified financial holders under withholding rule.
Central Government specifies that the taxable amount for five-year Government Zero Coupon Bonds issued by auction is the difference between the redemption value and the bid price, and limits this specification to holdings by banking companies, co-operative banks, public financial institutions, Discount and Finance House of India Limited, and Securities Trading Corporation of India Limited for the purposes of the proviso to section 193.

Exemption under section 35AC: approval of institutional projects permits specified project cost deductions within notification limits.
Approval under section 35AC designates Sri Satya Sai Medical Trust for eligible projects-cardiology maintenance and running, hospital repairs and renewals, and ophthalmology and subsequent ENT phases-with a capped deductible cost of Rs. 1,527 lakhs plus specified unutilised prior donations; the approval is time limited to the assessment years specified in the notification.

Exchange rate determination fixes conversion rates for export goods under the Customs Act, superseding the prior notification and effective date.
The Central Government, under powers conferred by section 14(3)(a)(i) of the Customs Act, prescribes the rate of exchange for conversion between specified foreign currencies and Indian rupees for export goods, superseding the prior notification; rates are set out in Schedule I (per unit) and Schedule II (per 100 units) and apply from the date specified in the notification.

Exchange rate determination sets official conversion rates for imported goods, governing stamp duty and customs valuation consequences.
The Central Government prescribes official exchange rates for specified foreign currencies to be used in converting foreign currency into Indian rupees for calculating stamp duty under the Indian Stamp Act, 1899 and for the purposes of section 14 of the Customs Act, 1962 insofar as they relate to imported goods, effective from the first day of February, 1995, and superseding the earlier notification; two schedules set the specific unit and per hundred unit rates.

Invoice documentation: excise invoices must be prepared in quadruplicate with specified headings and distribution under amended rules.
The amendment shifts specified compliance periods to the financial year beginning 1 April, expands supporting documents under rule 57G to include a certificate issued by an Appraiser of Customs posted in a Foreign Post Office in addition to a Bill of Entry, and inserts a sub rule in rule 57GG requiring invoices to be made in quadruplicate with prescribed bold capital headings and distribution: original for buyer, duplicate for transporter (for credit under rule 57G or register receipt entries), triplicate for Central Excise to be sent to the proper officer, and quadruplicate to be retained by the registered person.

Specified taxable bonds designated as eligible under the Income tax provision, listing series by tenor, rate and serial ranges.
The Central Government specifies multiple series of taxable secured redeemable non cumulative bonds as eligible under clause (ii) of sub section (1) of section 80L, listing each series by tenor, coupon rate, distinctive serial number ranges and aggregate issuance amounts so that the designated bond issues qualify for the statutory tax treatment associated with that provision.

Tax-free bonds under section 10(15)(iv)(h) exempt specified secured redeemable non-cumulative bonds if holders register their holdings.
Central Government designates a specified series of secured, redeemable, non cumulative bonds issued by the Nuclear Power Corporation of India Limited as tax exempt under the Income tax Act clause corresponding to item (h) of sub clause (iv) of clause (15), describing the series, distinctive number range, aggregate issue amount, face value and prescribed interest rate; the notification conditions the tax benefit on registration of the holder's name and holding with the issuing corporation.

Exemption for substitutes of ozone depleting substances: excise duty waived subject to MoEF project approval and official certification.
Goods required for substitution of ozone depleting substances are exempted from excise duty if the substitution project is approved by the Ministry of Environment and Forests steering committee and the importer furnishes a certificate signed by an officer not lower than Deputy Secretary in the Ministry confirming the goods are required for that purpose; the exemption is limited to a specified period ending 31st March, 1997.

Extension of customs exemption for air-conditioned coaches and specified importers, preserving defined importer and vehicle definitions.
The government amended Notification No. 73/94-Cus. to extend the customs exemption by substituting paragraph 2, keeping the notification in force up to and including 31st December, 1995, and providing definitions: "specified importer" (certain tourism-related entities approved by the Director General of Tourism) and "air-conditioned coaches" (air-conditioned motor vehicles carrying fifteen or more persons including the driver).

Consumer Welfare Fund governance clarified: specifies Chairman and Member Secretary roles and reduces committee quorum requirement.
The amendment designates the Secretary, Ministry of Civil Supplies, Consumer Affairs and Public Distribution as Chairman and the Joint Secretary in charge of the Consumer Welfare Fund as Member Secretary of the committee, and replaces the prior numeric term in the governing rule with a smaller number, thereby reducing the committee's required participation threshold; the changes take effect on publication in the Official Gazette under the Central Excises and Salt Act, 1944.

Auxiliary duty on imported rough wood limited by prevailing practice; excess duty not required to be paid for import period.
The Government recognized a prevailing practice that auxiliary duty on rough wood imports from Burma during 25 July 1991-12 September 1991 had been levied at a lower rate, and directed that the portion of auxiliary duty in excess of that lower rate shall not be required to be paid for those imports on which the excess had not been levied.

Tax deduction under Section 80G: temple recognised as a place of public worship of renown enabling donor tax benefits.
Notification under section 80G designates Sri Thirunarayana Swamy Temple, Melkote, Bangalore, as a place of public worship of renown throughout Karnataka for the purposes of tax deduction on donations, issued by the Central Government under the powers conferred by the relevant clause of the section to bring the temple within the statutory category permitting donor tax benefits.

Segregation of client funds and securities enshrined, imposing separate accounts and timelines for delivery and close-out rights.
The amendment requires member brokers to maintain separate bank accounts and distinct books of account for client monies and their own funds, depositing client monies into accounts titled with the word "clients"; specifies what may be paid into and withdrawn from clients' accounts while preserving members' rights such as lien and set-off; mandates segregation and recordkeeping for client securities including those held for sale, pending delivery, transfer, and as margin; sets timelines for delivery and payment and requires issuance of contract notes within twenty-four hours; and authorises members to close out client positions for payment or delivery failures with losses met from the client's margin.

Subordinated floating interest bonds designated under tax provision as promissory notes, qualifying for specified clause treatment.
Central Government specifies fifty lakh unsecured, redeemable subordinated floating interest rate bonds issued by the State Bank of India as promissory notes for the purposes of Section 80L, each with a face value of one thousand rupees, offered as over subscription and thereby brought within the specified clause of the Income tax Act for tax treatment.

Amendment to section 35AC notification raises the approved project cost ceiling for a listed entry in the schedule.
The Central Government, on the National Committee's recommendation, amends the notification under the explanatory provision to the tax incentive statute by substituting the previously stated figures and words denoting the likely and maximum approved project cost for a specific schedule entry with newly specified figures, thereby altering the approved cost ceiling for that project or scheme.

Section 35AC approval: specified institutions and projects qualify for deduction of approved project costs under the Act.
The Central Government approves specified institutions and designates eligible projects or schemes with their estimated costs and the maximum portion of such costs admissible as a deduction under section 35AC. The notification enumerates nine institutions and their projects (education, health, rural welfare, water and sanitation, wasteland development), and fixes the maximum deductible amount for each project.

Exemption to captive consumption permits internal use of listed inputs in rural manufacturing units without central excise liability.
Notification No. 4/95-C.E. (6 January 1995) amends Notification No. 88/88-Central Excises by inserting an entry exempting goods numbered 1 to 96 when consumed within the factory of production for manufacture of goods specified at serial numbers 1 to 27, under the Central Excises and Salt Act, 1944, as a miscellaneous exemption for captive consumption by manufacturing units in rural areas.

Customs exemption for goods substituting ozone-depleting substances granted subject to environmental approval and certification with ministry oversight.
Exempts goods under the First Schedule required for substitution of ozone depleting substances from customs duty and additional duty, subject to project approval by the Ministry of Environment and Forests' steering committee and submission by the importer of a goods list certified by an officer not below Deputy Secretary confirming requirement for the project; the notification remained in force up to 31 March 1997 and was subsequently rescinded.

Customs exemption for Transexamic Acid added to life-saving drugs schedule, amending applicable notification under customs law.
Addition of Transexamic Acid to the customs exemption Schedule for life saving drugs by amendment to the cited notification, inserting Transexamic Acid as a new entry under Heading A and thereby exempting it from the customs duty treatment governed by that tariff notification framework.

Ban on drawback for exports to neighbouring countries expanded to include Myanmar and specified additional border points.
The Central Government, exercising power under sub section (2) of section 76 of the Customs Act, 1962, amends the 1977 notification to add Myanmar to the list of destinations for which drawback of duty is banned by replacing "Nepal and Bhutan" with "Nepal, Bhutan, and Myanmar" and similarly updating demonyms; it also revises condition (ii) by substituting the list of named frontier posts to include Jaigaon and Moreh alongside Jogbani, Nautanwa, Raxaul and Darranga.