Duty free import of ballistic aramid yarn permitted subject to manufacturer use, concessional import rules, and undertaking.
A new tariff entry permits concessional import of Ballistic grade aramid yarn where a manufacturer imports it solely for manufacturing ballistic aramid fabric, complies with the Customs concessional import rules for manufacture of excisable goods, and furnishes an undertaking at importation that such fabric will be supplied only to a manufacturer of bullet proof jackets for supply to the armed forces or specified police forces.

Land customs stations and routes updated to substitute a detailed table specifying authorised cross border land and inland water entry points.
Central Government, under section 7(b) and (c) of the Customs Act, 1962, substitutes the Table in Notification No. 63/94 Customs (NT) with a comprehensive Table listing designated Land Customs Stations and their authorised Routes by country. The substituted schedule identifies by frontier and district the named railway stations, steamerghats, ferry points, road crossings and river/rail/road corridors that constitute lawful points for import and export of goods by land and inland waterways, including specific entries for Afghanistan (via Pakistan), Bangladesh, Bhutan, China, Myanmar, Nepal, Pakistan and postal/exchange offices for all countries.

Exemption for ballistic-grade aramid materials permits duty-free supply when used in bulletproof jackets following concessional removal procedure and verification.
Adds conditional excise exemptions for ballistic grade aramid yarn and for ballistic grade aramid fabric when each is used in the manufacture of bulletproof jackets for supply to the armed forces or to State and Union-territory police forces. Each exemption requires adherence to the Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2001, and proof to the satisfaction of an officer not below the rank of Deputy Commissioner or Assistant Commissioner of Central Excise that the goods are intended for the specified supply.

Duty free tariff preference expands to include Vietnam as a beneficiary under the Customs notification.
Exercising powers under section 25(1) of the Customs Act, 1962, the Central Government amends Notification No.153/2009-Customs by inserting Vietnam as a new entry in Appendix I, thereby making goods originating from Vietnam eligible for the duty free tariff preference under the principal notification.

Scientific research approval extends tax-deduction eligibility to Kashba Youth subject to compliance and audit requirements.
Kashba Youth is approved as an Other Institution for purposes of section 35(1)(iii) from assessment year 2010-11, conditional on applying sums to social science research, conducting research through faculty or enrolled students, maintaining separate books and a separate statement of donations and research expenditures, and furnishing a certified audit report and auditor-certified donations statement by the due date for filing the return of income.

Corporate guarantee permission for operating lease financing allowed, subject to RBI directions and Foreign Trade Policy compliance.
An authorized dealer bank may, subject to directions issued by the Reserve Bank, permit a person resident in India to issue a corporate guarantee in favour of an overseas lessor for financing import through operating lease effected in conformity with the Foreign Trade Policy and under the provisions of the Foreign Exchange Management (Current Account Transactions) Rules.

Monthly wages specification determines compensation calculation under Employees' Compensation Act and applies from notification publication.
The Central Government, under sub-section (1B) of section 4 of the Employees' Compensation Act, 1923, has specified an amount to be treated as monthly wages for the purposes of sub-section (1), and the specification takes effect from the date of publication in the Official Gazette, thereby fixing the wage metric for calculating employees' compensation.

Renewal of recognition under Securities Contracts (Regulation) Act granted to a regional stock exchange for a limited term.
Renewal of recognition under the Securities Contracts (Regulation) Act was granted to U.P. Stock Exchange Limited, Kanpur, authorising it to operate as a recognised stock exchange for a one-year period commencing in early June 2010 and subject to conditions that may be prescribed or imposed subsequently.

Renewal of recognition granted to a stock exchange subject to regulatory compliance and a trading commencement condition.
Renewal of recognition to Bhubaneswar Stock Exchange Limited is granted under the Securities Contracts (Regulation) Act for one year from 5 June 2010 to 4 June 2011 in respect of contracts in securities, subject to the condition that the Exchange shall commence trading only after complying with all regulatory requirements and with the specified regulatory circular, and subject to any further prescribed or imposed conditions.

Certification requirement for mutual fund distributors mandates NISM qualification; prior AMFI module holders remain exempt.
A certification requirement under regulation 3 mandates that distributors, agents, and persons engaged in sale or distribution of mutual fund products obtain a valid NISM certification by passing the prescribed Series V A: MFD examination; persons who passed the AMFI Mutual Fund (Advisors) Module prior to the commencement date are exempt from this NISM requirement.

Determination of origin rules expanded to include Viet Nam and Myanmar, widening country coverage under the ASEAN-India PTA.
Second Amendment Rules, 2010 to the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement (ASEAN-India) Rules, 2009] add two countries to Annexure IV - the Socialist Republic of Viet Nam and the Union of Myanmar - effective 1st June 2010, under the authority of section 5(1) of the Customs Tariff Act, 1975, issued by the Central Board of Excise and Customs.

Tariff value fixation amended to replace the customs notification table for specified oils, brass scrap and poppy seeds.
The Board, exercising powers under the Customs Act, substitutes the Table in Notification No. 36/2001-Customs (N.T.) with a new Table fixing tariff values in US dollars per metric tonne for specified goods, including Crude Palm Oil, RBD Palm Oil, other Palm Oil grades, Crude Palmolein, RBD Palmolein, other Palmolein grades, Crude Soyabean Oil, Brass Scrap (all grades) and Poppy seeds, with certain oil entries noted as unchanged and specific values stated for Brass Scrap and Poppy seeds.

TDS/TCS rules set payment deadlines, require electronic remittance, Form 24G reporting and specified certificates and statements.
The amendments set definitive payment deadlines and modes for TDS/TCS, require electronic remittance (internet banking or debit card) and electronic challans for specified remitters, mandate Form 24G reporting by responsible government officers with issuance of a Book Identification Number, require standardized certificates (Form 16/16A/27D) and quarterly statements (24Q/26Q/27Q/27EQ) with specified data elements, permit digital signatures under controls, and make these rules effective from 1 April 2010 with transitional provisions for earlier deductions/collections.

Appointed day under Section 18A designated, fixing the effective start date for Central Sales Tax provision application.
The Central Government, invoking the Explanation to sub section (2) of Section 18A of the Central Sales Tax Act, 1956, appoints a specific calendar date as the appointed day for the purposes of sub section (2) of Section 18 of the Act, thereby fixing the effective date for application of that sub section by way of ministerial notification.

Import policy of radial tyres: amended to permit free import under the Foreign Trade Policy.
The Directorate General of Foreign Trade amends Schedule I of the ITC(HS) under the Foreign Trade Policy to list radial tyres under the specified Exim classification and places radial tyres on a free import policy, as recorded in the official notification issued for public information.

Exchange rate determination under customs law prescribes notified conversion rates for imports and exports effective from the stated date.
Determination of exchange rates under section 14 of the Customs Act, 1962 effective 1st June, 2010, prescribing separate notified rates for imported goods and export goods for listed foreign currencies in Schedule I and Schedule II, and superseding the earlier notification of 28th April, 2010 except as to prior acts or omissions.

Jurisdictional allocation of income-tax assessments: notification substitutes Schedule I entries assigning taxpayer classes to commissioners.
This notification amends Schedule I of S.O. 732(E) by substituting serial numbers 84 and 85 to reallocate assessment jurisdiction between two income-tax commissioners. It specifies territorial coverage by district and enumerated Postal Index Number areas and allocates classes of taxpayers - companies (including by registered office and alphabetical name range), their directors, persons deriving business income whose principal place of business is within the listed areas, and residents deriving non-business income within those areas. The amendment is made under section 120 and takes effect from 1st June, 2010.

Export restriction on nil-rated or exempt excisable goods: exports barred except for export-oriented undertakings under new notification amendment.
An amendment to Notification No.42/2001-Central Excise (N.T.) inserts a condition prohibiting application of that notification to exports of excisable goods which are nil-rated or wholly exempt from duty, while excepting exports cleared by export-oriented undertakings; the change is effected under rule 19 of the Central Excise Rules, 2002 via Notification No.24/2010-Central Excise (N.T.).

Scientific research expenditure approval requires dedicated research accounts, audited reports, and certified donation statements.
Approval is granted to an association partly engaged in research as an eligible organisation for scientific research expenditure from the stated assessment year, subject to conditions: sums must be used for scientific research; research must be conducted by faculty or enrolled students; separate books for research receipts and expenditure must be maintained and audited by a qualified accountant with the audit report filed by the income tax return due date; and a certified statement of donations received and amounts applied for research must accompany the audit report. Approval may be withdrawn for non compliance or cessation of genuine research.

Referral to Central Government for unspecified return form and timing makes the Central Government's decision final.
The amendment substitutes rule 3(5) to provide that matters relating to the form and time for preparation of returns, where no express provision exists in the rules, shall be referred to the Central Government and the Central Government's decision shall be final.