Approval under section 36(1)(viii) confirms corporate eligibility for long term industrial finance tax treatment, subject to compliance.
Approval is granted to M/s Delhi Financial Corporation as a corporation engaged in providing long term finance for industrial development for the purposes of section 36(1)(viii) of the Income tax Act, subject to the condition that the Corporation shall conform to and comply with the provisions of section 36(1)(viii).

Tax exemption approval for a software technology park is subject to statutory compliance and audit requirements.
Approval is granted for tax exemption of the Software Technology Park at Chennai operated by M/s. Tidel Park Limited as an industrial park, subject to mandatory compliance with the governing tax provision and procedural rule, adherence to annexure terms of a prior notification, maintenance of prescribed books of account, conduct of audits, and furnishing of the audit report; the Central Government may withdraw approval for cessation of infrastructure services or failure to comply with accounting and audit requirements.

Tax exemption under section 10(23C)(iv) granted to a memorial trust, subject to application, investment and compliance conditions.
Notification under section 10(23C)(iv) notifies the Indira Gandhi Memorial Trust for specified assessment years subject to conditions: apply or accumulate income wholly and exclusively to its objects; invest funds only in permitted forms (excluding certain voluntary contributions held as jewellery, furniture, etc.); exclude business income unless incidental to objectives with separate books maintained; and regularly file returns of income in accordance with the Income-tax Act.

National Savings Certificates set maturity encashment at Rs.190.12 per Rs.100; interest accrues annually and reinvests.
Amendment fixes maturity encashment at Rs.190.12 per Rs.100 for certificates purchased on or after 15 January 2000, with other denominations proportionately calculated. Annual interest accrues at specified rates and interest accrued at the end of each year up to the fifth year is deemed reinvested and aggregated with the face value. Interest schedule for Rs.100: Year1 Rs.11.30; Year2 Rs.12.50; Year3 Rs.14.00; Year4 Rs.15.58; Year5 Rs.17.35; Year6 Rs.19.31.

Post Office Monthly Income Account: deposits from 15 Jan 2000 bear 11% annual interest rate.
The amendment inserts into rule 8(1) of the Post Office (Monthly Income Account) Rules, 1987 that deposits made on or after 15 January 2000 shall bear interest at 11 per cent per annum, placed immediately after the existing provision regarding deposits made on or after 1 January 1999 which specified 12 per cent per annum.

National Savings Scheme interest revised to 10.5% p.a., calculated monthly on lowest balance and credited annually.
Amendment substitutes rule 6(1) to set the interest rate at ten and a half per cent per annum from the date of notification, with interest allowed for each calendar month on the lowest balance between the close of the tenth day and the month end, and calculated and credited to the account at the end of each year; previously the rate for 15 September 1992 to 14 January 2000 had been eleven per cent per annum.

Specified bonds under section 80L: IDBI bond series designated for tax deduction by official notification.
Specifies certain debentures of the Industrial Development Bank of India as eligible under section 80L of the Income tax Act: four bond types issued in the Flexibonds-6 public issue by IDBI, each with a face value of five thousand rupees, identified by distinctive number ranges and issued in early 1999, thereby designating those listed instruments as the specified debentures for the purposes of the clause.

Tax deduction eligibility for donations to a specified place of public worship limited by purpose, monetary cap, and time.
Central Government specifies the Shri Mahakaleshwar Mandir Samity, Ujjain as a place of public worship for purposes of Section 80G, conferring donor tax treatment for contributions. The specification is confined to repair and renovation, subject to an overall monetary ceiling and a temporal cutoff, and ceases when the capped amount is collected or on the stated calendar date, whichever is earlier.

Double taxation agreement amendments reduce withholding rates and set place of effective management as tie breaker for residency.
Second Protocol amends the India-New Zealand tax convention: expands the definition of India to include maritime zones and airspace; establishes place of effective management as the residency tie breaker for persons other than individuals; confirms source taxation of income and capital gains from immovable property in the State where the property is situated; reduces withholding rates in Articles 10, 11 and 12; revises non discrimination text for permanent establishments and inserts an anti avoidance clause; and sets entry into force and operative date rules.

Tax deduction approval for housing finance companies requires main-object, annual audited filings, and special reserve compliance.
Approval was granted to M/s Pratima Housing Development Finance Corporation Limited for tax-deduction purposes on the condition that the company's main object is providing long-term residential housing finance; it submits annually audited accounts and the deduction statement before the due date for filing the return; it creates and maintains the required special reserve; and it fulfils all other conditions of the relevant deduction provision.

Tax exemption notification for India International Centre subject to income use, investment and filing compliance.
Notification grants the India International Centre tax-exempt status under section 10(23C)(iv) for assessment years 2000-2001 to 2002-2003, subject to conditions: apply or accumulate income wholly and exclusively to its objects; restrict investments to modes specified in section 11(5) (except certain voluntary contributions in kind); exclude business profits unless incidental with separate books; and file income-tax returns regularly under the Act.

Research expenditure approval under section 35(1)(ii) requires separate research accounts and specified annual filings.
Approved institutions are designated as "Institution" under section 35(1)(ii) and must maintain separate books for research, file an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, and submit audited annual accounts and an Audited Income & Expenditure Account for research to the Director General of Income-tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income-tax (Exemptions) by 31 October, in addition to filing the return of income-tax to the designated Assessing Officer.

Approval under section 35(1)(iii): institutions must keep separate research accounts and file annual audited returns and reports.
Approval under section 35(1)(iii) is granted to specified organisations as "Institution" for stated periods, subject to conditions: maintain separate books for research activities; file an annual scientific research return to the Secretary, Department of Scientific & Industrial Research by 31 May; and submit audited annual accounts and audited income & expenditure accounts for research to the Director General of Income-tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income-tax (Exemptions) by 31 October, in addition to filing the return of income-tax to the designated Assessing Officer.

Exemption under section 35AC extended for Mahavir Heart Research Foundation's heart-care project, preserving tax-eligible status.
The Central Government specifies that Mahavir Heart Research Foundation's Mumbai project-detection, prevention, research and education in heart disease; diagnosis, curing and operative treatment of heart patients; and maintenance of an Atithi Griha-is an eligible project under section 35AC and is extended for a further three years from assessment year 2000-2001 following the National Committee's recommendation that the project is properly executed and likely to continue.

Tax deduction under section 35AC raised for a specified charitable project, increasing the maximum allowable project cost ceiling.
Amendment invokes the Central Government's power under section 35AC to revise the sanctioned deductible cost for Mamta Lachmi Rotary Charitable Society, substituting the earlier specified split of project cost and corpus with a consolidated higher ceiling that expressly includes the corpus component for deduction under the Income tax Act.

Section 35AC exemption extended for a specified primary health centre project, preserving its eligibility for tax deduction.
The Central Government, invoking Section 35AC and the Explanation thereto, specified the construction, furnishing and equipment of the Primary Health Centre at Kufri by PHD Rural Development Foundation as an eligible project for tax exemption; after the National Committee recommended continuation on finding proper execution, the Government extended the project's eligibility for a further two year period beginning with the stated assessment year, recording the project's estimated cost in the notification.

Exemption under the Income-tax Act: specification of an eye care centre project as eligible and extended for three years.
The Central Government specifies the construction of an eye care centre in Jodhpur by Smt. Tarabai Desai Charitable Opthalmic Trust as an eligible project for exemption under the Income-tax Act, extending the specification for a further three years beginning with assessment year 2000-2001, following the National Committee's recommendation and recording the estimated project cost.

Exemption under section 35AC: specified land development and equipment project declared eligible following committee recommendation.
The Central Government, under sub-section (1) read with clause (b) of the Explanation to section 35AC, specifies the land development, construction, furnishing and equipment/medicines project of Vishwabalak Kendra carried out by Children of the World (India) Trust, Tardeo, Mumbai, as an eligible project or scheme for a period of two years beginning with the assessment year 2000-2001, following a recommendation by the National Committee under sub-rule (5) of rule 11M that the project is being executed properly.

Section 35AC tax benefit extended to include an additional district in the specified drinking water project.
Amendment under Section 35AC replaces the Table entry for Shri Sathya Sai Trust in Notification S.O. 308(E) to expand the Shri Sathya Sai Drinking Water Project's listed districts from four to five by substituting the project description to add Kanchipuram.

Exemption under Section 35AC extended for rehabilitation centre, preserving its eligible-project status for a further period.
The Central Government, exercising powers under the income-tax exemption provision and on the National Committee's recommendation, specifies the rehabilitation centre for handicapped run by Manovikas Kendra, Calcutta, at an estimated cost of rupees four crores as an eligible project or scheme for a further period of two years beginning with the assessment year 2000-2001, extending the period during which donations to the project qualify for exemption.