Exemption under section 35AC extended for specified charitable project; continued eligibility for tax benefits under notification.
The Central Government specifies continuation of eligible project status for Vikas's Purchase of Machinery and construction for Vridhashram and an industrial shed at Village Kolavada, following the National Committee's recommendation that the project is being executed properly. The extension is for a further three years commencing from the financial year 2004-2005 and is granted without any change in the previously approved project cost, thereby preserving the project's entitlement to income-tax exemption under the statutory provision.

Exemption under section 35AC extended for vocational training centre project; eligibility renewed without change to approved project cost.
The Central Government specifies the scheme for construction, equipment, furnishing and running of the vocational training centre at Andheri by The Bombay Young Men's Christian Association as an eligible project for a further three-year period commencing from the financial year 2003-2004, under the Income-tax Act and on the National Committee's recommendation, without any change in the previously approved project cost.

Exemption under section 35AC: eligible hospital upgrade project extended, preserving prior approved cost and eligibility.
The Central Government, under the Explanation to section 35AC, specifies the Smt. Sharda Jhatakia Memorial Trust's project to upgrade an eye hospital with additional medical units as an eligible project for tax exemption and, following the National Committee's recommendation that the project is being executed properly, extends that specification for a further two years from the financial year 2004-2005 without change to the approved project cost.

Exemption under section 35AC for specified charitable hospital project extended, preserving donor tax deduction eligibility.
The Central Government has specified the Poona Blind Men's Association's 50-bed eye hospital at Mohammedwadi, Pune, as an eligible project or scheme under section 35AC, following the National Committee's recommendation under rule 11M(5) that the project is being executed properly. The government re-specifies the project for a further three-year period commencing in the stated financial year without any change to the approved cost, exercising powers under subsection (1) read with the Explanation to section 35AC.

Section 35AC deductions approved for specified charitable projects, allowing eligible cost deductions across three financial years.
Central Government approved specified institutions and their eligible projects for deduction under section 35AC, listing each project with its estimated cost and the maximum amount allowable as a deduction, and confined the approval and deductible amounts to the financial years 2004-05, 2005-06 and 2006-07 only.

Tax exemption under section 10(23G) granted for Hazira Port project, subject to compliance and possible withdrawal for breach.
Approval granted to Hazira Port Pvt Ltd for tax-exempt status under section 10(23G) read with rule 2E for development, maintenance and operation of Hazira port under the concession agreement dated 22.04.2002, for the period 22.04.2002 to 21.04.2032. The Central Government may withdraw approval if the company ceases to comply with section 10(23G) and rule 2E, ceases the eligible business, fails to maintain and audit books of account as required by sub rule (6) of rule 2E, or fails to furnish the mandated audit report.

Approval under Section 35(1)(iii) enables research expenditure benefits subject to audit, reporting, and separate accounts.
Approval under Section 35(1)(iii) is granted to Rajiv Gandhi Foundation for the period 1 April 2003 to 31 March 2006 as an Institution, subject to conditions: maintain separate accounts for research activities (unless categorized as an Association); submit audited Income & Expenditure accounts for approved research to the Director General of Income Tax (Exemptions) and the Commissioner/Director of Income Tax (Exemptions) having jurisdiction and file with the designated assessing officer; and enclose an auditor's certificate confirming expenditures are for social science/statistical research.

Tax exemption approval under section 10(23G) renewed, subject to eligible business continuity, audited accounts and compliance conditions.
Approval under section 10(23G) is renewed for M/s Hutchison, Telecom East Limited for its cellular mobile project in Kolkata, effective for assessment years 2002-03 to 2015-16, subject to compliance with rule 2E, maintenance and audit of books, furnishing of the audit report, and the Central Government's power to withdraw approval on cessation of eligible business or failure to comply; investments before 1 June 1998 are excluded from this notification.

Tax exemption notification under clause 23C(iv) recognises Shri Ram Chander Mission subject to specified charitable and compliance conditions.
Notification designates Shri Ram Chander Mission as eligible under clause (23C)(iv) of section 10 for assessment years 2005-2006 to 2007-2008, conditional on applying or accumulating income exclusively for its charitable objects, restricting investments to forms permitted by the Act, treating business income as exempt only if incidental with separate books, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a like charitable organisation.

Tax exemption notification for a charitable body subject to exclusive application of income and specified compliance conditions.
Notification designates Harijan Sevak Sangh, Kingsway, Delhi as eligible under clause (23C)(iv) of section 10 for assessment years 2003-2004 to 2005-2006, subject to conditions: income must be applied wholly and exclusively to stated objects; investments or deposits (except certain voluntary contributions held as jewellery or furniture) are restricted to forms specified in subsection (5) of section 11; business income is excluded unless incidental with separate books; regular filing of income-tax returns is required; on dissolution, surplus assets must transfer to a like charitable organisation.

Tax exemption notification: recognition granted with conditions on income application, permitted investments, business income, filing, and dissolution.
Notification grants tax-exempt recognition to the National Foundation of India, New Delhi under clause (23C)(iv) of section 10 for assessment years 2002-03 to 2004-05 subject to conditions: apply income solely to objects or accumulate for them, restrict investments to permitted forms (excluding certain tangible voluntary contributions), exclude business income unless incidental with separate accounts, file returns regularly, and on dissolution transfer surplus to a like-minded charitable organisation.

Research exemption approval under Income Tax Act requires separate research accounts, annual scientific return and audited accounts submission.
Approval recognizes M/s Indraprastha Cancer Society & Research Centre as an Institution for research-related tax exemption for the notified period, subject to maintaining separate research accounts (unless an Association), furnishing an annual scientific research return to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited research income & expenditure accounts to designated tax and scientific authorities by 31 October each year, plus filing the tax return; renewal applications must be submitted in triplicate through and to specified authorities.

Tax exemption recognition subject to conditions on income application, investment modes, business incidental limits, filing and dissolution.
Notification designates the institution for charitable income-tax exemption, conditional on exclusive application or accumulation of income for its objects, investments or deposits only in permitted forms (with an exception for voluntary contributions maintained as jewellery or furniture), exclusion of business income unless incidental and separately accounted, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a like charitable organisation.

Tax exemption notification for charitable status conditions entitlement and compliance obligations for specified assessment years.
Central Government notifies Ramakrishna Mission, Belur Math, Howrah under clause (23C)(iv) of section 10 for assessment years 2006-2007 to 2008-2009, subject to conditions: apply or accumulate income exclusively for its objects; restrict investments to forms specified in section 11(5) (with limited exceptions for voluntary contributions in kind); treat business income as exempt only if incidental and separately accounted; file regular income-tax returns; and on dissolution transfer surplus and assets to a similar charitable organisation.

Tax exemption recognition: Ramakrishna Math notified subject to exclusive application of income, permitted investments, filing and dissolution conditions.
Notification designates Ramakrishna Math, Belur Math, Howrah as eligible under clause (23C)(iv) of section 10 for assessment years 2006-07 to 2008-09, subject to conditions: income must be applied or accumulated exclusively for its objects; investments or deposits of funds limited to legally permitted modes (except certain voluntary contributions held as jewellery, furniture etc.); business income excluded unless incidental and separately accounted; regular filing of income-tax returns; and on dissolution surplus and assets to be given to a charitable organisation with similar objectives.

Research approval under section 35 requires separate research accounts, audited income & expenditure returns, and auditor certification of scientific research.
Approval is granted to Rajiv Gandhi Foundation as an Institution for purposes of clause (iii) of sub section (1) of section 35, subject to conditions: maintain separate accounts for research (unless categorized as an Association); submit audited Income & Expenditure accounts for approved research to the Director General (Exemptions) and the Commissioner/Director having jurisdiction and to the designated assessing officer by the return due date; and furnish an auditor's certificate that the amounts incurred are for scientific research.

Charitable exemption notification: trust granted income-tax exemption for specified assessment years subject to compliance conditions.
Notification designates Vivekananda Kendra Pratishthan, Chennai as eligible under clause (23C)(iv) of section 10 for specified assessment years, subject to conditions: income to be applied or accumulated solely for its objects; investments limited to modes specified in Section 11(5) (excluding certain voluntary contributions); business income exempt only if incidental with separate accounting; regular filing of income-tax returns; and transfer of surplus and assets on dissolution to a like-minded charitable organisation.

Income-tax exemption under section 10(23C)(iv) applies to Rajiv Gandhi Foundation subject to specified compliance conditions.
Income-tax exemption under clause (23C)(iv) of section 10 is granted to the Rajiv Gandhi Foundation for assessment years 2001-02 to 2003-04 subject to conditions: apply income wholly to objects or accumulate; restrict investments to permitted forms; notification excludes business profits unless incidental and separately accounted; file returns regularly; and on dissolution transfer surplus and assets to a similar charitable organisation.

Perquisite valuation rules for employer-provided accommodation clarified; valuation methods and furniture additions specified and lease and hotel cases detailed.
The amendment substitutes Table I in rule 3 to set methods for valuing employer provided accommodation: government provided accommodation is valued by licence fee determined by government rules less rent paid by the employee; other employers' accommodation is valued by ownership, lease or city based salary comparators reduced by rent paid by the employee; hotel accommodation is valued by comparing a salary linked amount with actual hotel charges reduced by rent. Furnished accommodation attracts an added annual furniture charge or actual hire charges, reduced by amounts paid by the employee.

Depreciation rates revised to a comprehensive asset class schedule affecting buildings, machinery, pollution control and intangible assets.
Substitution of Appendix I prescribes a detailed schedule of depreciation allowance rates on written down value for defined blocks of assets. It classifies assets into tangible and intangible categories with specified percentage rates for buildings, furniture and fittings, diverse machinery and plant (including pollution control, energy saving and medical equipment), ships and specified intangible assets. The schedule provides enhanced or special rates for assets used in infrastructure water projects, certain replacement vehicles, industry specific acquisitions and renewables, and includes notes clarifying scope, residential building criteria, definitions and qualifying procurement schemes.