Tax-free bond exemption for specified seven-year bonds requires holder registration to claim tax-free status and benefits.
The Central Government specifies a seven-year tax-exempt bond series issued by Rural Electrification Corporation Limited with fixed interest and assigned distinctive numbers; eligibility for the tax-free benefit is conditional on the bondholder registering their name and holding with the issuer.

Specified taxable bonds: Government designates particular secured redeemable bonds issued by a nuclear power entity for tax purposes.
Central Government specifies certain 16.25% taxable secured redeemable non-cumulative bonds of the VIIIth Series issued by Nuclear Power Corporation, New Delhi, under clause (ii) of sub-section (1) of section 80L of the Income-tax Act, identifying two tranches by distinctive bond number ranges and aggregate issue values to define the instruments covered by the statutory specification.

Tax exemption under section 10(23C)(v) notified for institute, subject to conditions on application, investments and business.
Notification designates Institute of Franciscan Missionaries of Mary Society No. 10, Coimbatore as eligible under section 10(23C)(v) for assessment years 1995-1996 to 1997-1999, conditional on applying income wholly and exclusively to its objects, restricting investments to forms specified in subsection (5) of section 11 (except certain voluntary contributions kept as jewellery or furniture), and excluding business profits unless the business is incidental and maintained with separate books of account.

Tax exemption notification: exempt status for temple subject to exclusive application of income, restricted investments, and segregated business accounts.
Notification under sub clause (v) of clause (23C) of section 10 notifies Nathdwara Temple for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively to the temple's objects; investments and deposits are restricted except for voluntary contributions maintained in permitted forms; and business income is excluded unless incidental to objects with separate books of account.

Income-tax exemption under section 10(23C)(iv) granted to an institution, subject to exclusive use of income and investment limits.
Notification grants income-tax exemption under sub-clause (iv) of clause (23C) of section 10 to Bharatiya Vidya Bhavan, Mumbai for assessment years 1999-2000 to 2001-2002, subject to: (1) exclusive application or accumulation of income for its objects; (2) restriction on investments or deposits except in forms specified in subsection (5) of section 11 and limited treatment of voluntary contributions as jewellery or furniture; and (3) exclusion of business income unless incidental to objectives with separate books maintained.

Approval under section 36(1)(viii) requires audited filings, creation of special reserve and fulfilment of statutory housing finance conditions.
Approval is granted to Cent Bank Home Finance Ltd., Bhopal, under the Income-tax Act for specified assessment years to enable deduction claims for housing finance companies, subject to conditions: the company's principal object must be providing long-term finance for residential housing; annual submission of audited profit and loss account, balance-sheet and statement of deduction before the return filing due date; creation and maintenance of the required special reserve; and fulfillment of all other statutory prerequisites.

Exemption under section 10(23): tax-exempt status subject to rules on income application, permitted investments, distribution, and business accounting.
Notification under section 10(23) grants tax-exempt treatment to the Indian Olympic Association for specified assessment years subject to conditions: income must be applied or accumulated solely for its objects per section 11 (as modified), investments must be in modes specified in section 11(5) except certain tangible voluntary contributions, income must not be distributed to members except as grants to affiliated bodies, and business profits are excluded unless incidental and maintained in separate books.

Charitable trust notification under section 10(23C)(iv) grants exemption subject to income application and investment conditions.
Notification confers tax-exempt status on Madhya Pradesh Mahila Kalyan Samiti, Bhopal for assessment years 1999-2000 to 2001-2002 subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; investments or deposits must be in forms/modes specified in section 11(5) except voluntary contributions held in kind; business income is excluded unless incidental and accounted for in separate books.

Approval under section 36(1)(viii) allows deduction claims subject to corporate object, annual filings and reserve maintenance.
Approval under section 36(1)(viii) is granted to M/s Cent Bank Home Finance Ltd., Bhopal, permitting deduction claims for the specified assessment years, conditional on the company carrying on long-term residential housing finance as its main object, annually submitting audited accounts and a statement of the deduction claimed by the return filing due date, creating and maintaining the statutory special reserve, and complying with all other conditions of section 36(1)(viii).

Jurisdiction for TDS under section 195 designated to specified TDS officers for assessees filing TDS returns.
The Chief Commissioner, invoking powers under section 120, designates specific TDS officers to exercise jurisdiction over tax deduction at source matters under section 195 for assessees filing TDS annual returns in the specified Range, allocating ACIT (TDS) Circle-21(1) for public sector, airlines and banking-related assessees assessed outside the charge, and ITO (TDS) Ward-21(6) for all other assessees.

Approval under section 36(1)(viii): housing finance companies allowed deduction subject to filings and special reserve requirements.
Approval under section 36(1)(viii) is accorded to specified housing finance companies for listed assessment years, conditional on the company's main object being long-term finance for residential housing; annual submission of audited profit and loss account, balance-sheet and statement of deduction before the due date for filing return under section 139(1); creation and maintenance of the required special reserve; and satisfaction of all other conditions of section 36(1)(viii).

Tax exemption notification: charity status granted subject to exclusive application of income and restrictions on investments.
Designation of Children Book Trust as eligible under the income-tax charitable exemption is conditional on applying or accumulating income wholly and exclusively for its objects, restricting funds and voluntary contributions to permitted forms and investments for charitable funds, and excluding business profits unless the business is incidental to the objectives and maintained in separate books.

Section 10(23) exemption: Haryana Cricket Association notified subject to conditions on income application, investments, distributions, and business income.
Notifies the Haryana Cricket Association, Bhiwani, as entitled to a statutory exemption under clause (23) of section 10 for assessment years 1999-2000 and 2000-2001, provided it applies or accumulates income exclusively to its objects in accordance with section 11 as modified, confines investments to permitted forms, does not distribute income to members except as grants to affiliated institutions, and excludes business profits unless incidental and maintained in separate books.

Approval under section 36(1)(viii) allows specified housing finance companies to claim deductions subject to compliance conditions.
Central Government approval permits specified housing finance companies to claim the deduction under section 36(1)(viii) for stated assessment years, subject to conditions: primary object of providing long-term finance for residential house construction or purchase; annual submission of audited accounts and statement of deduction by the return due date; creation and maintenance of the prescribed special reserve; and fulfillment of all other statutory conditions.

Investment limit for provident and pension funds expanded to permit private company bonds with dual credit ratings
The amendment permits trustees of approved provident, superannuation and gratuity funds to invest a sub portion of their authorised investible moneys in bonds or securities of non public companies that have investment gradings from two or more registered credit rating agencies; this investment permission is an additional proviso to the existing pattern of investments and is effective from 1 April 1998.

Immovable property specification sets floor area thresholds for residential and commercial eligibility in listed urban agglomerations.
The Central Board of Direct Taxes, under the first proviso to sub section (1) of section 139 of the Income tax Act, specifies that immovable properties for the proviso comprise residential premises occupying 1,100 square feet or more and commercial premises occupying 175 square feet or more, as applied to a listed set of urban agglomerations and municipal areas.

Specified areas under section 139 defined, listing urban agglomerations for application of the first proviso.
The Central Board of Direct Taxes, under the first proviso to sub section (1) of section 139 of the Income tax Act, 1961, by Notification No. S. O. 242(E) dated 9 4 1999, specifies a list of urban agglomerations and the municipal, cantonment, development or other locally notified territorial areas for the purposes of that proviso, referencing relevant municipal and state notifications to define the territorial scope for each named city.

Designation of appellate jurisdiction directs Commissioner (Appeals)-XII to oversee appeals from specified assessing officers' orders.
The Commissioner of Income-tax (Appeals)-XII, Calcutta is designated to exercise appellate functions for persons aggrieved by orders under the Income-tax Act and related tax statutes, with jurisdiction over appeals from Assessing Officers functioning under specified Joint Commissioners and Joint Directors, Special Range-12 and its subordinates, Joint Director (Exemption) special ranges and subordinates, Range-15 Assessing Officers, and specified investigation cases transferred from Guwahati. The designation takes effect from the date of the order and partially modifies a prior notification.

Tax-exempt notification grants a trust conditional exemption requiring exclusive application of income and specified investment restrictions.
Central Government notifies J.R.D. Tata Trust under sub-clause (iv) of clause (23C) of section 10 for the assessment years 1999-99, 1999-2000 and 2000-2001, subject to conditions: the trust must apply or accumulate income wholly and exclusively to its objects; must not invest or deposit funds except in forms specified in sub-section (5) of section 11 (excluding voluntary contributions in jewellery, furniture, etc.); and the notification excludes business profits unless the business is incidental and separate books are maintained.

Immovable property thresholds regulate tax reporting applicability by requiring area based criteria for residential and commercial properties under section 139.
The notification prescribes floor area thresholds by which certain properties qualify as immovable properties for the first proviso to sub section (1) of section 139 of the Income tax Act. It requires residential properties (excluding huts and kutcha dwellings) and commercial properties to meet respective minimum floor area criteria, and applies those criteria within the municipal and development area boundaries or subsidiary notifications specified for each listed urban agglomeration.