Depreciation rate for new commercial vehicles allowed for qualifying acquisitions and use within the specified timeframe.
The Income-tax Rules, 1962 are amended to insert, in New Appendix 1 Part A (Tangible Assets) under III. Machinery and Plant item (3), a sub-item providing a specified rate of depreciation for a new commercial vehicle acquired between the first day of January and before the first day of April and put to use for business or profession before the first day of April; the amendment is made under the Income-tax Act and takes effect on the first day of April.

Tax exemption approval under section 10(23C)(vi) grants conditional recognition to Society for Indian Institute of Rural Management.
Approval is granted to the Society for Indian Institute of Rural Management, Jaipur as eligible for tax-exempt treatment under the relevant clause of the Income-tax statute, effective for the assessment year 2005-06 onwards, provided the society continues to conform to and comply with the statutory clause and the corresponding Income-tax Rules governing recognition.

Deduction under Section 35AC: government notifies eligible institutions and projects and sets approved deductible costs.
Notification under section 35AC approves specified non-profit institutions and their listed projects as eligible for tax-deduction treatment, records estimated project costs and corpus components where applicable, and specifies the maximum amount of such costs that may be allowed as deduction for prescribed financial year(s), generally over three years commencing 2008-2009 (with a limited subset approved for two years), following recommendation of the National Committee for Promotion of Social and Economic Welfare.

Tax-free bonds permit capped interest and require holder registration to secure tax exemption.
Government specification allows a designated infrastructure finance corporation to issue tax-free bonds in the 2008-09 financial year with interest capped at eight percent per annum and an aggregate notified issue; the tax exemption applies only where each bondholder registers their name and holding with the issuer.

Scientific research association approval under Section 35 requires specified accounting, audit and reporting compliance or approval may be withdrawn.
Aeronautical Development Agency is approved as a scientific research association under section 35 read with rules 5C and 5D, effective from 1.4.2006, subject to conditions: sole objective of undertaking scientific research; carrying out research activities itself; maintaining books of account and obtaining an audit by a qualified accountant with the audit report furnished to the Commissioner/Director by the return due date; and maintaining a separate certified statement of donations and amounts applied to scientific research. Approval may be withdrawn for failures to comply with these requirements or if research activity is not genuine.

Scientific research association recognition approved, conditional on carrying out research, audited accounts, and certified donation reporting.
Approval is granted to the Centre for Liquid Crystal Research, Bangalore as a scientific research association under the income tax law from 1 April 2005, conditional on undertaking research as its sole objective, carrying out research itself, maintaining audited books of account and furnishing the audit report to tax authorities by the return due date, and maintaining an auditor certified statement of donations and amounts applied to scientific research attached to the audit report.

Scientific research approval: conditions for tax-deductible donations to approved social science research institutions, including audit and reporting requirements.
Approval is granted to the Centre for Policy Research as an approved institution for social science scientific research under the relevant statutory provision, subject to conditions: sums received must be used for social science research carried out by faculty or enrolled students; separate books of account for research receipts and expenditures must be maintained and audited by a qualified accountant with the audit report furnished to the tax authority by the income-tax return due date; and a separately certified statement of donations received and amounts applied to research must accompany the audit report. Approval may be withdrawn for specified failures to comply.

Double taxation avoidance: treaty allocates taxing rights, limits withholding on cross-border income and ensures information exchange.
The Central Government, under Section 90 of the Income-tax Act, 1961 and Section 44A of the Wealth-tax Act, 1957, directs that the Convention between India and Serbia and Montenegro for the Avoidance of Double Taxation with respect to taxes on income and on capital be given effect in India. The Convention defines scope and key terms, allocates taxing rights including treatment of permanent establishments, sets withholding limits on dividends, interest, royalties and service fees where the beneficial owner is a resident of the other State, provides elimination of double taxation, non-discrimination, mutual agreement and information exchange provisions, and includes a Protocol permitting taxation of immovable property income and related capital gains in both States.

Double taxation avoidance treaty: allocates taxing rights, limits withholding on passive payments and provides relief, cooperation and information exchange.
The Government has directed that the Convention for the Avoidance of Double Taxation between India and Montenegro be given effect in India. The Convention applies to residents and to taxes on income and capital, defines residence and key terms, adopts a permanent establishment standard with profit attribution rules, and allocates taxing rights across income categories (including dividends, interest, royalties, fees for technical services and capital gains) with specified withholding ceilings. It provides for elimination of double taxation by credit, non discrimination, mutual agreement procedures, exchange of information, entry into force and termination rules, and a Protocol allowing both States to tax immovable property income and related capital gains.

Tax saving deposit under section 80C: National Housing Bank scheme specified and effective upon official notification publication.
The Central Government specifies the National Housing Bank (Tax Saving) Term Deposit Scheme, 2008 for purposes of section 80C of the Income tax Act, and provides that the specification takes effect from the date of publication in the Official Gazette.

Research reporting obligations: institutions must file detailed annual research statements with tax authorities by the return due date.
The amendment requires scientific research associations and universities, colleges or other institutions to furnish, by the income tax return due date, a statement to the Commissioner or Director containing: a detailed note on prior year research; a summary of published research articles; any patents applied for or registered; and the programme and financial allocation for forthcoming research projects, and integrates this statement into the compliance documentation for the relevant tax provision.

Pre-paid meal card rules: employer-issued non-transferable cards, single-card per employee, issuer agreements and daily purchase limit enforced.
Prescribes conditions for a non-transferable pre-paid electronic meal card: employer-framed scheme; issuance by an issuing bank under agreement; one card per employee; card to bear employer and employee identification; use restricted to the named employee for ready-to-eat food or non-alcoholic beverages at member establishments; maintenance of transaction details by employer and member establishment; definitions of issuing bank and member establishment with exclusion for outlets selling alcoholic beverages.