Income-tax exemption approval for infrastructure projects conditional on continued compliance and prescribed audit obligations.
Approval is granted to the Suratgarh Thermal Power Station for income-tax exemption under the relevant provision and rule for specified assessment years, subject to continued compliance. The approval is conditional on the enterprise maintaining books of account, obtaining and furnishing an audit report as required by the applicable rule, and the Central Government may withdraw approval if the enterprise ceases the infrastructure activity or fails the accounting and audit obligations.

Approval under tax exemption provision granted to Suratgarh Thermal Power Station subject to compliance and audit conditions.
Approval is granted to Suratgarh Thermal Power Station as an enterprise eligible under section 10(23G) read with rule 2E for specified assessment years, subject to compliance with those provisions. The approval is conditional on maintaining required books of account, obtaining an audit as mandated, and furnishing the audit report; the Central Government may withdraw approval if the enterprise ceases to carry on the infrastructure facility or fails to comply with the audit and recordkeeping requirements.

Money Market Mutual Fund designation permits a bank-operated fund subject to regulatory conditions and specified money-market investment rules.
ABN Amro Bank Money Market Mutual Fund is designated as a Money Market Mutual Fund under clause (23D)(ii) of section 10, required to operate departmentally as Money Market Deposit Accounts, invest exclusively in specified short-term money-market instruments with prudential limits and prohibitions on capital-market exposure and inter-scheme borrowing, maintain segregated scheme-wise accounts audited by an independent auditor, calculate and disclose NAV periodically, provide repurchase facilities subject to a minimum lock-in, and comply with regulatory supervision, reporting and disclosure obligations.

Tax-free bonds under section 10(15)(iv)(h): issuance specified with registration condition required to claim tax benefit.
Central Government specifies Tax-free non-convertible, unsecured and redeemable bonds under clause (15)(iv)(h) of section 10 as eligible for tax exemption, setting denomination, fixed interest payable half-yearly, ten-year tenor, distinctive serial numbering and aggregate issuance. The exemption is conditional: the tax benefit is admissible only if the holder registers their name and holding with the issuing corporation.

Specified taxable debentures under section 80L designated as secured, redeemable non convertible bonds with half yearly interest.
Central Government specifies particular secured, redeemable, non convertible taxable debentures in the nature of bonds of Steel Authority of India Limited as qualifying under clause (ii) of sub section (1) of section 80L of the Income tax Act, 1961, identifying two five year series with half yearly interest payable, fixed denominations, sequential distinctive numbers, and specified aggregate issuance.

Tax exempt bonds specified under the income tax provision; tax benefit conditioned on holder registration with issuer.
Central Government specifies two series of tax free Housing and Urban Development Corporation Limited bonds as eligible under 10(15)(iv)(h), detailing series identifiers, face value, interest rates, payment periodicity, tenors, aggregate issue amounts and issuer, and states that the tax benefit is admissible only if the holder registers their name and holding with the Corporation.

Approval as long-term industrial finance corporation under Section 36(1)(viii) enables tax treatment for the assessment year.
Power Finance Corporation Ltd., New Delhi has been approved by the Central Government as a corporation engaged in providing long-term finance for industrial development for the purposes of Section 36(1)(viii) of the Income tax Act, 1961, with the approval recorded by formal notification for the relevant assessment year.

Approval under section 36(1)(viii): Corporation recognised for providing long term industrial finance for the relevant assessment year.
The Central Government has declared M/s Power Finance Corporation Ltd., New Delhi, to be a corporation engaged in providing long term finance for industrial development and eligible for recognition under section 36(1)(viii) of the Income tax Act for the assessment year 1999-2000.

Money market mutual fund specification requires departmental set up, restricted instruments, NAV disclosure and RBI reporting compliance.
Designation under section 10(23D)(ii) specifies ABN Amro Bank Money Market Mutual Fund as a departmental money market mutual fund operating as Money Market Deposit Accounts (MMDAs), managed by a separate fund manager and subject to RBI and SEBI regulatory conditions. Investments are restricted to specified short term instruments, with a combined individual issuer cap on commercial paper and short term corporate bonds, prohibition on capital market instruments and inter scheme/sponsor lending, mandatory separate accounts and independent audits, NAV calculation and disclosure, minimum fifteen day lock in with repurchase options, and periodic reporting to the Reserve Bank of India.

Specified taxable debentures under section 80L: secured, redeemable non convertible bonds issued with half yearly interest.
Central Government, exercising clause (ii) of sub section (1) of section 80L of the Income tax Act, specifies two series of secured, redeemable, non convertible taxable debentures issued as bonds by the Steel Authority of India Limited with five year tenor and interest payable half yearly, identifying distinctive serial ranges and aggregate issuance for each series.

Tax exemption under section 10(23C)(iv) notified for Swadeshi Jagran Foundation, subject to application and investment conditions.
Notification under section 10(23C)(iv) designates Swadeshi Jagran Foundation as eligible for the specified tax treatment for assessment years 1998-99 to 2000-2001, subject to conditions that income be applied or accumulated wholly and exclusively to its objects; investments and deposits (except certain voluntary contributions) be limited to permitted forms; and business income be excluded unless incidental to the objects and maintained in separate books.

Capital gains reinvestment in specified securities preserves exemption but triggers clawback if disposed within seven years.
The Board specifies that Fully Convertible Debentures and Deep Discount Bonds issued by Noida Toll Bridge Company Limited, to be allotted within one year, qualify for reinvestment of net consideration from transfer of long-term capital assets only if invested in accordance with the reinvestment provision; if such securities are converted, transferred or realised within seven years of allotment, the initial investment is to be taxed as a capital gain.

Specified securities reinvestment: qualifying investment must be held three years or be taxed as capital gain upon realization.
Specification under section 54EA designates Fully Convertible Debentures and Deep Discount Bonds issued by Noida Toll Bridge Company Limited as eligible instruments for reinvestment of net consideration from transfer of long term capital assets, subject to issuance limits and timing. If an assessee transfers or converts the allotted specified securities into money or realizes them within three years of allotment, the initial investment becomes chargeable to tax as capital gain under the section.

National Savings Certificate limits increased: rule 20 limit raised to Rs 60,000 and positional ceilings specified.
The amendment to the National Savings Certificate (VIII Issue) Rules, 1989 substitutes Rs. 60,000 for Rs. 20,000 in rule 20(1) and replaces rule 20(2)'s table with a new schedule of monetary ceilings for specified post office authorities, ranging from Rs. 500 to Rs. 60,000; the rules take effect on publication in the Official Gazette under powers conferred by the Government Savings Certificates Act, 1959.

Specified securities investment preserves capital gain treatment when proceeds are invested in designated debentures and bonds, subject to a seven year reconversion rule.
The notification specifies that Noida Toll Bridge Company Limited may issue Fully Convertible Debentures and Deep Discount Bonds within one year for purposes of section 54EB, and that investment must be made from net consideration of a long term capital asset; if the allotted specified securities are transferred or converted into money within seven years of allotment, the initial investment shall be chargeable to tax as capital gain under the section.

Section 54EA investments permitted for reinvestment, with chargeback as capital gain if converted to money within the holding period.
The Central Board of Direct Taxes authorizes Noida Toll Bridge Company Limited to issue specified Fully Convertible Debentures and Deep Discount Bonds within one year for reinvestment under section 54EA; investments must be made from net consideration of a long-term capital asset. If allotted debentures or bonds are converted or transferred into money within three years of allotment, the initial investment will be chargeable to tax as capital gain in accordance with the section.

Tax exemption under section 10(23) granted to Church trust, subject to income application, investment, distribution and business conditions.
Notification grants tax exemption under section 10(23) to The Church of South India Trust Association, Chennai for assessment years 1998-99 to 2000-2001, conditioned on applying or accumulating income solely for its objects consistent with sections 11(2) and 11(3) as modified by clause (23); restricting investments to modes in section 11(5) except specified tangible voluntary contributions; prohibiting distribution of income to members except as grants to affiliated bodies; and excluding business profits unless incidental to objectives with separate books maintained.

Tax exemption under section 10(23C)(iv) notified for Krishnamurti Foundation India, subject to application and investment conditions.
Notification designates Krishnamurti Foundation India, Chennai as qualifying under section 10(23C)(iv) for specified assessment years, on conditions that income is applied wholly and exclusively to its objects, investments are made only in permitted forms with certain voluntary contributions in kind excepted, and business profits are excluded unless incidental to objectives and kept in separate books.

Tax exemption under section 10(23C)(v) granted with conditions on income application, investment modes, and incidental business accounting.
Notification under section 10(23C)(v) designates The Church of South India Trust Association, Chennai as eligible for exemption for assessment years 1999-2000 to 2000-2001, conditional on applying income wholly and exclusively to its objects, limiting investments and deposits (except certain voluntary contributions retained as jewellery or furniture) to forms specified in subsection (5) of section 11, and excluding profits and gains of business unless such business is incidental to its objectives with separate books maintained.

Charitable exemption notification: Chief Minister's Relief Fund recognised with conditions on application of income and permitted investments.
Notification recognises Chief Minister's Relief Fund, Maharashtra as eligible under clause (23C)(iv) of section 10 for the stated assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively to the fund's objects; investments limited to forms/modes in sub-section (5) of section 11 except voluntary contributions retained in kind; and exclusion of business profits unless the business is incidental and separate books are maintained.