Charitable recognition under income-tax law requires exclusive application of income, restricted investments, separate business accounts, and return filing.
Notification recognises Swaminarayan Alcsharpith, Ahmedabad under clause (23C)(iv) of section 10 for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; investments restricted to forms specified in section 11(5) (except certain voluntary contributions); business income excluded unless incidental with separate books; regular filing of income-tax returns; and on dissolution surplus assets must transfer to a charitable organisation with similar objectives.

Tax exemption notification permits trust income application and prescribes investment, business and dissolution conditions, including filing obligations.
Notification under clause (23C)(iv) of section 10 notifies the Indian National Trust for Art and Cultural Heritage for assessment years 2002-03 to 2004-05, subject to conditions: income must be applied or accumulated solely for its objects; investments limited to forms permitted by Section 11(5) (with narrow exception for certain in-kind voluntary contributions); business income only if incidental with separate books; regular filing of income-tax returns; and on dissolution surplus and assets must transfer to a similar charitable organisation.

Tax exemption notification conditions charity status on exclusive application of income and compliance with investment and filing rules.
Notification grants conditional income-tax exemption to Friends of Moral Re-Armament (India) for specified assessment years, requiring exclusive application of income to its objects, limiting investments to permitted forms except certain voluntary contributions in kind, excluding business income unless incidental and separately accounted, mandating regular filing of income-tax returns, and providing that on dissolution surplus assets transfer to a charitable organization with similar objectives.

Exemption under clause 23C(iv): tax notification grants exemption to Indian Chamber subject to compliance conditions.
Notification dated 28 June 2002 notifies the Indian Chamber of Commerce, Kolkata under clause (23C)(iv) of section 10 for assessment years 1995-96 and 1996-97, subject to conditions: apply income wholly to its objects; restrict investments to forms in sub section (5) of Section 11 (except certain voluntary contributions); exclude business income unless incidental and separately accounted; regularly file returns; and on dissolution transfer surplus to a like charitable organization.

Declaration of Non-Taxable Investment Income: new form statements require taxpayers to certify income below taxable threshold.
The amendment inserts a declaration item into specified tax declaration forms requiring taxpayers to certify that income from dividends, interest on securities, other interest, units, and specified investment amounts, or the aggregate of such incomes for the relevant previous year, will not exceed the maximum amount not chargeable to income-tax.

Designation as financial institution under Section 80E confirms HDFC's status for specified tax treatment under the Income-tax Act.
The Central Government specified the Housing Development Finance Corporation Limited (HDFC) as a financial institution for the purposes of Section 80E of the Income-tax Act, 1961 by Notification No. 157 dated 21st June 2002 under clause (b) of sub-section (3), and a subsequent correction amended the corporate name to "Housing Development Finance Corporation Limited."

Tax exemption under section 10(23C)(iv): trust must apply income exclusively and meet investment, accounting and dissolution conditions.
Notification grants tax-exempt charitable status to Bhopal Memorial Hospital Trust for the specified assessment years subject to conditions: apply or accumulate income wholly and exclusively for its objects; restrict investments to statutory modes (excluding certain preserved voluntary contributions); exempt business income only if incidental with separate books; regularly file returns; and on dissolution transfer surplus and assets to a like charitable organization.

Tax exemption recognition granted to a charitable panjrapole subject to income application, investment and reporting conditions.
Notification grants charitable tax recognition to Shree Nasik Panchavati Panjrapole for specified assessment years on conditions: apply or accumulate income wholly and exclusively to its objects; restrict investments to permitted forms (with limited exceptions for voluntary contributions in kind); treat business income as taxable unless incidental and separately accounted; regularly file income tax returns; and, on dissolution, transfer surplus and assets to a charitable organization with similar objectives.

Cost Inflation Index for financial year 2002-2003 was specified by amending the capital gains indexation table.
The Cost Inflation Index for the financial year 2002-2003 was specified under the Explanation to Section 48 of the Income-tax Act, 1961. The earlier Cost Inflation Index table was amended by inserting the applicable entry for that financial year, based on the prescribed proportion of the average rise in the Consumer Price Index for urban non-manual employees during the preceding year.

Specification under Section 10(10C): International Crops Research Institute designated for assessment year 2002-2003 and subsequent years.
The Central Government, under the powers conferred by the specified clause of Section 10, notified the International Crops Research Institute for the Semi Arid Tropics as a qualifying institution for income tax exemption by Notification No. 153 dated 19th June 2002, applying in respect of the assessment year 2002-2003 and subsequent assessment years.

Taxation of coffee sales: producer-seller receipts treated as business income with prescribed deemed taxable portions.
The amendment treats receipts from the sale of coffee by the producer-seller as business income and prescribes that a specified portion of income from coffee grown and cured by the seller, and a larger specified portion of income from coffee grown, cured, roasted and ground by the seller (with or without mixing chicory or other flavouring ingredients), shall be deemed to be income liable to tax; "curing" is defined by reference to the Coffee Act, 1942, and a related cross-reference in the rule is revised.

Specification of institution status empowers central government to designate nationally or state-important institutions for tax-rule application.
An amendment to the Income-tax Rules inserts clause (viia) into rule 2BA authorising the Central Government to specify by notification in the Official Gazette those institutions that qualify as having importance throughout India or in any State or States for purposes of the tax rules; the amendment is made under the powers conferred by the Income-tax Act and comes into force on publication in the Official Gazette.

Reporting of specified cash transactions - deadlines set for forwarding transaction statements and Form 60 and 61 declarations.
Rule 114D requires persons under sub-rule (2) of rule 114C to forward to the Director of Income-tax (Investigation) or Commissioner (Central Information Branch) a statement of all documents for cash transactions listed in clauses (a)-(k) of rule 114B, specifying parties, transaction nature and date, amount, and quoted PAN or GIR, together with copies of Forms 60 and 61; transactions under clause (f) of rule 114B are excluded from submission. The materials must be sent in two instalments with specified post-cut-off forwarding deadlines.

Cash transaction limits revised: new reporting triggers for bank draft purchases, cash deposits and foreign travel payments.
Rule 114B is amended to lower the monetary threshold in clause (e) and to add three reportable cash transaction categories: cash purchase of bank drafts/pay orders/banker's cheques from specified banking companies aggregating a daily amount; cash deposits with specified banking companies aggregating a daily amount; and cash payments for foreign travel exceeding a prescribed single-payment amount, with an explanation defining travel-related cash payments and exclusions. Proviso cross-references are extended to include the new clauses. Rule 114C is amended to update sub-rule references to reflect the expanded clause range.

Tax exemption notification conditions require exclusive application of income and restricted investments with compliance obligations.
Notification grants tax-exempt status to Foundation Aga Khan subject to conditions: income must be applied exclusively to charitable objects; investments limited to modes in section 11(5) except certain voluntary contributions; business income excluded unless incidental with separate books; regular filing of income-tax returns is required; on dissolution surplus assets must transfer to a charitable organization with similar objectives.

Tax exemption for specified bonds conditions tax-free treatment on holder registration with the issuer.
The Central Government specified 8.55% tax free (9B Series), Konkan Railway Bonds issued by Konkan Railway Corporation Limited, bearing distinctive numbers from 1-10000 for an amount of One Hundred Crores; the tax benefit is admissible only if the holder registers his/her name and the holding with the Corporation.

Tax exemption for railway bonds specified; benefit conditioned on holder registration with issuer to secure entitlement.
The Central Government specifies 8.77% tax free (10B Series) Konkan Railway Bonds issued by Konkan Railway Corporation Limited (distinctive numbers 1-7000 and specified issued amount) as qualifying securities for the exemption under the Income-tax Act. The exemption is conditional: the bondholder must register his or her name and holding with the Corporation for the benefit to be admissible.

Insurance premium allocation amended to treat terrorism-risk fire/engineering premiums fully and other fire/miscellaneous premiums partially.
The Seventh Amendment substitutes clause (a) of rule 6E of the Income-tax Rules, 1962 to provide that (i) insurance business relating to fire insurance or engineering insurance which provides insurance for terrorism risks shall be eligible for 100 per cent of the net premium income of such business of the previous year; and (ii) where the insurance business relates to fire insurance or miscellaneous insurance other than that covered in (i), 50 per cent of the net premium income of such business of the previous year shall apply.

Correction to Notification: substitution of the originally published fiscal year with the corrected fiscal year in the Gazette notice.
Correction to an earlier income tax notification directing substitution of the originally published fiscal year with the corrected fiscal year in the specified paragraph of the Gazette notification, amending the operative textual reference.

Specification under section 35AC: Rotary Blood Bank project extended as eligible under income-tax law for a further period.
The Central Government, under the Explanation to section 35AC of the Income-tax Act, specifies the Rotary Blood Bank Project at Tughlakabad by Rotary District 3010 Social Welfare Society as an eligible project or scheme for tax incentives, extending its specified eligibility for a further three-year period commencing with assessment year 2003-2004, following the National Committee's recommendation that the project is being properly executed.