Exemption under section 35AC extended for Bhaorao Deoras health and training projects for a further three-year period.
Central Government extended tax exemption under section 35AC to projects by Bhaorao Deoras Seva Nyas, Lucknow, covering land purchase, construction and furnishing, purchase of vehicles, instruments and equipment, acquisition of books and the running of institutional facilities for a Health Science Institution and an Industrial Training Institute; the extension follows the National Committee's recommendation and applies for a further three year period commencing with the assessment year 2003 2004 at the stated estimated project cost.

Section 35AC exemption: Leprosy eradication project by Sahyog Kushthayagna Trust specified as eligible for further three-year period.
Central Government specifies under Section 35AC the leprosy eradication, rehabilitation and rural health project at Rajendranagar carried out by Sahyog Kushthayagna Trust as an eligible project for tax exemption, following a National Committee recommendation and prior extensions, and re specifies the project for a further three year period with recorded estimated project cost and corpus fund.

Section 35AC exemption extended for rural health and educational project; eligibility continued for a further three year period.
The Central Government, under the Explanation to section 35AC, specifies the Anjali (Society for Rural Health and Development) project at Ranasan Harsol Sabarkantha-comprising construction of a tutorial and children activity hall, compound wall, equipment, vehicle, furnishing, and operation of Anjali Hospital and a T.B. centre with children and educational activities-as an eligible project for tax exemption for a further three year period commencing with assessment year 2004 2005, following the National Committee's recommendation; the notification records the estimated project cost and a corpus fund.

Exemption under section 35AC extended for Murleidhor Jalan Foundation's Integrated Rural Development Project, permitting further eligibility.
The Central Government specifies the Integrated Rural Development Project carried out by Murleidhor Jalan Foundation as an eligible project under section 35AC for a further period of three years commencing from the assessment year 2003-2004. The project includes construction of primary schools, community centres, a vocational training centre at Dibrugarh, old age homes, tubewells, health centres, mobile dispensaries, road construction, dwelling units for the poor, low-cost latrines and the first phase of a sports stadium, at an estimated cost of rupees Four crore Seventeen lakhs Seventy-Four thousands, following a National Committee recommendation under rule 11M of the Income-tax Rules.

Income tax exemption extended for Health and Family Welfare Project-specified as eligible following committee recommendation and government notification.
Central Government notification extends income tax exemption specification for the Health and Family Welfare Project carried out by Swasthaya Sewa Trust at Ahmedabad/Sabarkantha, Gujarat for a further three year period commencing with assessment year 2002 2003, following the National Committee's recommendation that the project is being properly executed; the specification is made under the statutory provision and rule enabling such extension and records the estimated project cost and trust address.

Exemption under section 35AC: charitable hospital and school project specified as eligible and extended for three years.
The Central Government specifies the project of constructing, equipping and running a 30 bed hospital and a high school at Heggadevanakote Taluk by Swami Vevekananda Youth Movement as an eligible project for exemption under the Income tax Act, on the National Committee's recommendation, and extends that eligibility for a further three year period commencing with the assessment year 2003 2004, with the executing trust identified and the estimated project cost recorded.

Exemption under section 35AC: eligible educational project extension granted for a residential tribal school continues.
The Central Government specifies the construction of Saraswati Vidya Mandir, a residential high school with a vocational training centre for tribals and economically backward classes carried out by Shri Hari Vanvasi Vikas Samiti, as an eligible project under the Explanation to section 35AC of the Income-tax Act. Following the National Committee's recommendation that the project is being properly executed, the Government extends the specification for a further three-year period commencing from the assessment year 2002-2003 at an estimated cost of rupees ninety-three lakhs ninty-eight thousand only.

Tax exemption notification under section 10(23C)(iv) grants recognition subject to compliance, reporting and asset transfer conditions on dissolution.
Notification grants recognition under section 10(23C)(iv) for the assessment years 1999-2000 to 2001-02 provided the entity applies or accumulates income exclusively for its objects; restricts investments and deposits to forms permitted in section 11(5) (excluding certain voluntary contributions held in kind); treats business income as incidental only if separate books are maintained; files income-tax returns regularly; and on dissolution transfers surplus and assets to a charitable organization with similar objectives.

Research institution approval under section 35(1)(ii) imposes specific accounting, annual return, and audited submission obligations.
Central Government approval under section 35(1)(ii) designates M/s Hastimal Sancheti Memorial Trust as an Institution eligible for research-related tax exemption subject to conditions: maintain separate books for research, furnish an annual scientific research return to the Secretary, Department of Scientific & Industrial Research by 31st May, and submit audited annual accounts and audited income & expenditure accounts for research activities to specified income-tax and DSIR authorities by 31st October, in addition to the income-tax return. The notice advises timely triplicate applications for renewal to tax authorities and DSIR.

Deduction under section 35AC: approved institutions' eligible projects allowed specified cost deductions subject to caps and conditions.
Central Government approvals under Section 35AC list institutions with specified eligible projects, estimated project costs and maximum deductible amounts; approvals are time-limited to specified assessment years and may be subject to conditions such as beneficiary income thresholds, corpus fund requirements and submission of audited accounts.

Tax exemption under section 10(23C)(iv) granted subject to application, investment, business, return filing and dissolution conditions.
Notification grants income-tax exemption under Section 10(23C)(iv) to Sant Nirankari Mandal, Delhi for the specified assessment years provided it applies its income solely to its objects, confines investments to legally permitted modes (excluding ordinary deposits except permitted voluntary-contribution holdings), treats business income as outside the notification unless incidental with separate accounting, files income-tax returns regularly, and on dissolution transfers surplus and assets to a like-minded charitable organization.

Tax exemption for charitable institution granted conditionally under income tax law, subject to investment, business, filing and dissolution conditions.
Notification grants conditional exemption to Gurudev Siddha Peeth for assessment years 1999-2000 to 2001-2002, subject to conditions: apply or accumulate income solely to its objects; restrict investments to permitted forms except for specified voluntary contributions in kind; exclude business income unless incidental and separately accounted; regularly file income tax returns; and on dissolution transfer surplus and assets to a like charitable organisation.

Tax exemption approval under section 10(23G) recognises an infrastructure power project, subject to compliance, audit and reporting conditions.
Approval is granted to M/s Gujarat State Energy Generation Ltd. for tax-exempt recognition of its Hazira gas-based combined cycle power project for specified assessment years, subject to compliance with the income-tax provision and applicable rules, maintenance of books, audit by a qualified accountant and furnishing of the required audit report; the Central Government may withdraw approval if the undertaking ceases to be an infrastructure facility or fails to meet the accounting or audit/reporting obligations.

Savings Bonds issuance defines investor eligibility, nontransferability, interest payment options and tax treatment for holders.
Notification prescribes issuance of 8% Savings (Taxable) Bonds, 2003: eligible resident investors and specified institutions may subscribe with no maximum limit; bonds issued at par and held only in Bond Ledger Accounts with authorised banks/SHCIL; bonds are non-transferable and ineligible as collateral; interest may be paid half-yearly or compounded to maturity and is taxable under the Income-tax Act while bonds are wealth-tax exempt; maturity repayment, nomination procedures, application formalities, receiving offices and brokerage arrangements are specified.

Company definition broadened to include additional statutory clauses and principal place of business, expanding notification coverage.
Amendment substitutes phrases in the earlier notification so that ''persons being companies'' are identified by specified clauses of section 2 of the Income-tax Act, 1961 and must have either a registered office or a principal place of business in the area mentioned in the relevant column; four textual substitutions replace references to companies registered under the Companies Act, 1956 and having a registered office. The amendment takes effect from publication in the Official Gazette.

Annuity plan designation: New Jeevan Dhara-I and New Jeevan Akshay-I specified as annuity plans, effective on Gazette publication.
The Central Government specifies the New Jeevan Dhara-I and New Jeevan Akshay-I plans of the Life Insurance Corporation of India as annuity plans under clause (xiiia) of sub section (2) of section 88 of the Income tax Act, based on their filing with the Insurance Regulatory and Development Authority; the specification takes effect from publication in the Official Gazette.

Approval under section 10(23G) confirms tax-exempt recognition for a telecom enterprise subject to compliance and audit conditions.
Approval is granted to M/s Bharati Telesonic Ltd. under section 10(23G) read with rule 2E for specified assessment years for its domestic and international long distance telephony services, subject to compliance with the statutory provisions and the condition that it continue to provide an infrastructure facility; the Central Government may withdraw approval if the undertaking ceases the facility, fails to maintain books of account and obtain an audit as required, or fails to furnish the requisite audit report.

Tax exemption notification grants association conditional income-tax exemption subject to application, investment and business restrictions.
Notification under Section 10(23) confers conditional income-tax exemption on the Andhra Cricket Association, Guntur for assessment years 1997-98 to 1999-2000, subject to: exclusive application or accumulation of income for its objects in conformity with the statute; limitation on forms and modes of investment or deposit of funds; prohibition on distribution of income to members except as grants to affiliated bodies; and exclusion of business income unless incidental and maintained in separate books.

Transfer pricing officer subordination clarified; designated officers allocated to Directors and Director General, effective on publication.
The notification prescribes that Transfer Pricing Officers are subordinate to Directors of Income-tax (Transfer Pricing), who in turn are subordinate to the Director General of Income-tax (International Taxation), and lists designated Transfer Pricing Officer posts (Joint Commissioners, Deputy or Assistant Commissioners) allocated to regional Directors. Subsequent notes record amendments to the table by later notifications. The notification takes effect on publication in the Official Gazette.

Income-tax rules amendment expands rule three proviso to include airline employees alongside railway employees, changing applicability.
The amendment substitutes the proviso to rule three of the Income-tax Rules, 1962 to replace the reference to the Railways with a reference to an airline or the Railways, thereby extending the proviso's applicability to airline employees; the rule is enacted as the Income-tax (Third Amendment) Rules, 2003 and is deemed to have come into force on the first day of April of the relevant year.