Exemption from income-tax on daily allowance ensures the Chairman's allowance and rent-free residence value are excluded from taxable salary.
Amendment inserts a daily allowance entitlement for the Chairman at the same rate as members of Parliament and substitutes section 10A to provide that, notwithstanding the Income-tax Act, the Chairman's daily allowance under section 3(1) shall be excluded from computation of his total income and the value of a rent-free furnished residence (including maintenance) provided under section 4(1) to an officer of Parliament shall be excluded from income chargeable under the head "Salaries".

Charitable recognition under 10(23C)(iv) confirms Volkart Foundation's notification for tax-exempt status for stated assessment years.
Notifies Volkart Foundation, Bombay as a charitable institution recognized under 10(23C)(iv) by Central Government Notification No. S.O.1772 dated 30-3-1988 for the assessment years 1987-88 to 1988-89.

Control of income-tax subordinate officers clarified, setting hierarchical subordination and preserving appellate discretion; reporting lines specified.
The notification prescribes hierarchical subordination across the income-tax administration: senior offices report to the Central Board or to territorial Principal Directors General/Chief Commissioners as applicable; commissioners, appeal officers and successive officer grades are subordinate to the immediate higher authority within whose jurisdiction they perform functions or to any authority to whom that higher authority is subordinate; appellate discretion and case decision autonomy are expressly preserved.

Approval withdrawal for tax-exempt status under section 10(2)(xiii) results in lapse of prior perpetual approvals.
Approval for tax-exempt treatment under section 10(2)(xiii) is allowed to lapse with effect from 1-4-1988 for Bengal Tanning Institute, Tangra; Institute of Plan and Industry, Indore; and the Inter-Departmental Committee for collection of voluntary contributions for the plywood industry, terminating the perpetual approval originally granted by a 1946 notification.

Research institution approval under section 35(1)(ii) confirmed; reporting, audited accounts and renewal conditions apply for Potash Research Institute for one-year period.
Potash Research Institute, Gurgaon, is approved as an Institution under clause (ii) of sub-section (1) of section 35, subject to conditions: maintain separate research accounts; file annual returns of research activities by 31 May; submit audited annual accounts, income and expenditure statement and balance sheet to the prescribed authority by 30 June with copies to the central tax administration and Commissioner of Income-tax; and apply three months before approval expiry for extension. Approval effective 1 April 1987 to 31 March 1988.

Charitable trust recognition under section 10(23C)(iv) - trust notified permitting income-tax exemption for specified assessment years.
Central Government notification recognizes The Bhagavatula Charitable Trust, Visakhapatnam, as qualifying under the Income-tax provision granting exemption to certain charitable institutions, limited to the assessment years specified in the notification, and records the notification number and date.

Tax exemption recognition grants notified charitable trust eligible tax-exempt status for specified assessment years under income-tax law.
The Central Government notifies M. K. N. Mathurasa Trust, Adirampattinam (Tamil Nadu) as an institution eligible for income-tax exemption under the relevant exempting clause of the income-tax law, specifying that the notification applies to certain assessment years and thereby formally including the trust within the exempting category for those years.

Tax exemption recognition granted to Ramakrishna Vedanta Math for a specified assessment year under charitable institutions provision.
Notification designates Ramakrishna Vedanta Math, Calcutta as eligible under sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961; S.O.1455 dated 29-3-1988 records Central Government recognition of that status for the assessment year 1988-89.

Transfer notification requirement: transferee must notify the issuer promptly to secure tax benefit for specified NTPC bonds.
The Central Government specifies the 7 year 13% Secured Redeemable Non Convertible NTPC Bonds III as falling under the proviso to section 193; the tax benefit under that proviso is admissible on transfer by endorsement or delivery only if the transferee informs the issuer by registered post within sixty days of the transfer.

Tax deduction eligibility for specified NTPC bonds requires transferee to notify the issuer by registered post within sixty days.
The Central Government specifies the "7 Year 13% Secured Redeemable Non-Convertible NTPC Bonds-III Public Issue" as a specified security for the purposes of section 80L(1)(ii), creating tax deduction eligibility, and provides that benefit on transfer by endorsement or delivery is admissible only if the transferee informs the issuing corporation by registered post within sixty days of such transfer.

Tax-free bond exemption for specified MTNL secured bonds; entitlement requires holder registration with the issuing corporation.
Central Government specifies 10-year 9% tax-free secured redeemable non-convertible bonds issued by Mahanagar Telephone Nigam Limited as eligible under clause (15)(iv)(h) of section 10 of the Income-tax Act; the tax-free benefit is admissible only if the holder registers his name and the holding with the issuing Corporation.

Transferee notice requirement for specified bonds: transferee must notify issuer by registered post within sixty days.
Central Government designates the "7 Year 13% (Taxable) Secured Redeemable Non-Convertible Bonds (Second issue)" issued by Mahanagar Telephone Nigam Limited as eligible for the tax benefit under clause (ii) of sub-section (1) of section 80L, and stipulates that where such bonds are transferred by endorsement or delivery the transferee will only be entitled to the benefit if the transferee notifies the Company by registered post within sixty days of the transfer.

Tax-free bond specification: exemption for specified MTNL ten-year secured non-convertible bonds, subject to holder registration.
Government specifies the ten-year secured redeemable non-convertible bonds issued by Mahanagar Telephone Nigam Limited as tax-exempt under the relevant clause of the Income-tax Act; the exemption is subject to the bondholder registering his name and holding with the issuing company.

Specified bonds under section 80L carry deduction eligibility, transferable only if the transferee gives timely registered-post notice.
The Central Government specifies 7 Year 13% Secured Redeemable Non Convertible Bonds (Series I) issued by the Nuclear Power Corporation of India Limited as qualifying under Section 80L(1)(ii); where such bonds are transferred by endorsement or delivery, the transferee must inform the Corporation by registered post within sixty days of transfer for the benefit to be admissible.

Tax-free bonds specified for tax exemption; benefit conditional on holder registration with the issuer to obtain tax treatment.
Central Government specifies 10-year 9% (Tax-free) Secured Redeemable Non-Convertible Bonds (Series-I) issued by the Nuclear Power Corporation of India Limited as qualifying instruments for the exemption under clause (15)(iv)(h) of section 10 of the Income-tax Act. The exemption is admissible only if the holder registers his name and the holding with the issuing Corporation.

Tax exemption for constituency, secretarial and postal allowances for legislative members under section 10(17)(iii) applies within notified limit.
Notifies that the Constituency, Secretarial and Postal Facility Allowances received by members of a state legislative assembly are to be treated as exempt under sub-clause (iii) of clause (17) of section 10 of the Income-tax Act, subject to a notified monthly ceiling, and is issued by the Central Government in exercise of its power to notify exempt allowances under that provision.

Specified bonds under section 80L: transferee must notify issuer by registered post within sixty days to claim benefit.
Central Government specifies 7 year 13% Secured Redeemable Non-convertible Bonds (A-Series) issued by Hindustan Photo Films Manufacturing Company Limited as eligible under clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961. The admission of the benefit on transfer by endorsement or delivery is conditional on the transferee informing the issuing company by registered post within sixty days of such transfer.

Specified secured redeemable non-convertible bonds: transfer benefit subject to transferee's registered notice within prescribed period.
The Central Government specifies Secured Redeemable Non-Convertible Bonds of a particular seven-year issue as falling within clause (iib) of the proviso to section 193 of the Income-tax Act; the proviso's benefit on transfer by endorsement or delivery is admissible only if the transferee informs the issuer by registered post within sixty days of such transfer.

Research institution approval under tax law requires separate research accounts and annual audited returns to authorities.
Approval of the Society for Fundamental Research and Development as an institution for research-related income-tax purposes is conditional on maintaining separate accounts for research funds, filing annual returns of research activities by 31st May, submitting audited annual accounts and balance-sheet to the prescribed authority by 30th June with copies to the Central Board of Direct Taxes and the Commissioner of Income-tax, and applying for extension at least three months before approval expiry.

Kisan Vikas Patra permits purchase in specified denominations with five-and-half-year maturity and conditions for premature encashment.
The Kisan Vikas Patra Rules, 1988 set authorised denominations and three certificate types, prescribe purchase and payment modes, issue timing tied to payment realisation, and provide identity slips. They fix a five-and-half-year maturity with a specified payable schedule and permit premature encashment only on limited grounds with tiered payment rules. Administrative rules govern duplicate issuance on loss or mutilation with indemnity or guarantee, encashment verification at non-issuing post offices, post office non liability for fraudulent encashment, clerical rectification without financial loss, and a power to relax provisions for undue hardship.