Pension fund specification: Retirement Benefit Unit Scheme of Unit Trust of India designated as pension fund under tax law.
Central Government, invoking its power under section 88(2)(xiiic) of the Income-tax Act, specifies the Retirement Benefit Unit Scheme set up by the Unit Trust of India as a pension fund by notification (S.O.634(E) dated 1-9-1994) for the purposes of that sub-clause, thereby categorising the scheme within the statutory definition of a pension fund for tax purposes.

Approval under section 36(1)(viii): company status granted to Delhi Financial Corporation subject to compliance for specified assessment years.
Central Government approves M/s. Delhi Financial Corporation as a company for the purposes of clause (viii) of sub section (1) of section 36 of the Income tax Act for assessment years 1989-90 to 1995-96, subject to the condition that the company conform to and comply with the statutory provisions of that clause.

Approval under section 36(1)(viii) grants company status to a renewable energy agency, subject to compliance.
Approval is granted to Indian Renewable Energy Development Agency Limited as a company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961 for the assessment years 1995-96 to 1997-98. The approval is conditional on the company conforming to and complying with the provisions of section 36(1)(viii) of the Income-tax Act, 1961.

Notification amendment: name replacement for tax-exempt entity affecting specified assessment years under the income-tax provisions.
The Central Government amends its notification under sub-clause (v) of clause (23C) of section 10 to substitute the notified name: for assessment years 1990-91 and 1991-92 the name shall read "Trade Fair Authority of India, New Delhi" instead of "India Trade Promotion Organisation, New Delhi," while the notification dated 4-2-94 remains effective for assessment year 1992-93.

Notification amendment under section 10(23C) updates the notified institution name for tax exemption recognition in central records.
Central Government, invoking clause (v) of clause (23C) of section 10 of the Income-tax Act, issues Notification S.O.2855 dated 31-8-1994 to modify Notification No. 9471 dated 4-2-94 by substituting the notified entity name: the entry "India Trade Promotion Organisation, New Delhi" shall be read as "Trade Fair Authority of India, New Delhi."

Specified bonds: notification designates a 7 year secured redeemable bond issue as qualifying under the income tax specification.
Central Government specifies for the purposes of clause (ii) of section 80L a Xth Series issue of 7 year, 16.5% taxable, Secured Redeemable Bonds, serial numbers J00000001 to J01875000, denomination one thousand each and the stated aggregate face value, by notification.

Exemption under section 35AC approves medical trust projects for establishment and maintenance of specialty hospital units.
The Central Government, on the National Committee's recommendation and exercising powers under the Explanation to section 35AC and rule 11M(5), approves Sri Sathya Sai Medical Trust, Anantapur, and specifies the establishment and maintenance of Urology and Nephrology and Neurology units at the Speciality Hospital, Prasanthi Nilayam, as eligible projects for tax-exemption; the National Committee is satisfied with execution and the recognition is extended for a further two years for assessment years 1995-96 and 1996-97.

Extension of eligibility period under Section 35AC: project for Swagat Medical and Educational Centre recognised for an additional assessment year.
The Central Government specifies an eligible project and scheme for Swagat Medical and Educational Centre under the tax incentive provision, extending the recognised period by substituting "two years" with "three years" and expanding the listed assessment years to include the additional year, thereby permitting recognition for the subsequent assessment year at the estimated cost already set out in the original notification.

Section 35AC eligibility approved for school classroom construction; specified portion of project cost allowed as deduction for one assessment year.
Under Section 35AC, M/s. Shanti Gears Limited is specified as the undertaking to carry out construction of six additional classrooms with amenities at a Government Higher Secondary School in Arasur, Coimbatore, with an estimated project cost of Rs.10 lakhs and Rs.10 lakhs recorded as the maximum amount allowable as a deduction; the notification remains in force for one year for the relevant assessment year.

Exemption under the statutory provision: approved institutions' projects authorised for deductible project costs across specified assessment years.
Approval under the statutory exemption provision lists specified institutions with descriptions of eligible projects and the maximum amount of project cost allowable as deduction; the approval is time limited with different projects authorised for one, two or three assessment years, and the notification records a correction and later substitutions amending entries.

Cost Inflation Index specified to determine indexed cost under section 48, providing annual index values for past financial years.
Central Government, under clause (v) of the Explanation to section 48 of the Income-tax Act, specifies the Cost Inflation Index for financial years 1981-82 to 1994-95 to permit computation of indexed cost for capital gains. The notification bases the indices on the rise in the Consumer Price Index for urban non-manual employees and lists year-wise index values beginning at 100 for 1981-82 and culminating at 259 for 1994-95.

Section 35AC amendment substitutes the beneficiary name in a tax notification, replacing Jagriti with Sri Sathya Sai Gramin Jagriti.
Amendment under section 35AC substitutes the beneficiary name in the Table of the earlier notification: the entry at serial number 12, column 2 is changed from "Jagriti" to "Sri Sathya Sai Gramin Jagriti," effected by the Central Government on the National Committee's recommendation and under the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC.

Double taxation avoidance: India-Singapore tax treaty sets residency, permanent establishment rules and withholding limits.
The Central Government, exercising powers under section 90 of the Income-tax Act, 1961, directs that the Agreement between India and Singapore for the avoidance of double taxation and the prevention of fiscal evasion be given effect in India. The Agreement defines scope, residency, and definitions; allocates taxing rights for business profits (linked to a permanent establishment), immovable property, shipping and air transport; limits withholding on dividends, interest, royalties and technical fees; sets rules on personal services, capital gains and non discrimination; and establishes mutual agreement, information exchange and entry into force provisions.

Specification of bonds under section 80L: secured, redeemable, non cumulative issue designated for tax purposes by notification.
The Central Government, under clause (ii) of sub section (1) of Section 80L of the Income tax Act, specifies the VIth Series secured, redeemable, non cumulative bonds (taxable interest at 17.5 per cent) identified by serial numbers F 13281801 to F 14671800 and by aggregate issuance amount, by Notification No. S.O.540(E) dated 14 7 1994, thereby designating that series for the purposes of the cited clause.

Tax-exemption amendment substitutes the registered institution name in an existing notification under the income-tax framework.
The Central Government, exercising powers under the tax-exemption provision and on the National Committee's recommendation, amends Notification No. 267(E) dated 29 March 1994 by substituting the institutional name at serial number 14 in the Table: replacing P.A.C. Ramasamy Centenary Trust with P.A.C. Ramasamy Raja Centenary Trust, Ramamandiram, Tenkasi Road, Rajapalyam, Kamarajar district, Tamilnadu-626177, as published in S.O. 527(E) dated 14-7-1994.

Amendment to Section 35AC notification clarifies specified exemption periods for listed projects across assessment years.
The Central Government amends a notification under the Income tax Act to substitute its concluding paragraph with a schedule specifying exemption periods for listed projects: one year for the project at serial number 6 (assessment year 1994 95); two years for projects at serial numbers 3, 10 and 11 (assessment years 1994 95 and 1995 96); and three years for projects at serial numbers 1, 2, 4, 5, 7, 8, 9 and 12 (assessment years 1994 95 through 1996 97).

Section 35AC notification amendment substitutes the named institution and updates its address in the tax-exemption schedule.
The Central Government, under Section 35AC of the Income-tax Act and on the National Committee's recommendation, amends Notification No. 15(E) dated 11 January 1994 by substituting the entry at serial number 5 in the Table: replacing "Rotary Club of Bombay" and its address with "Rotary Club of Bombay Medical Trust" and the specified Indian Red Cross Society Building address in Bombay.

Section 35AC approval extends Tarun Sangha's project eligibility for an additional assessment year under amended notification.
Tarun Sangha is approved as an eligible institution to carry out the specified project or scheme for a further period in relation to assessment year 1995-96 under the authority of sub section (1) read with the Explanation to section 35AC, with reference to the estimated cost in the Table; the notification also substitutes the concluding paragraph to set two and three year periods of force for listed projects, thereby defining assessment year eligibility for the projects enumerated in the Table.

Tax exemption under section 35AC: approval of a corporate construction project permitting a capped deduction for project costs.
Approval under section 35AC designates Mafatlal Industries Limited's construction of a centre at Nadiad, including building, furnishing and fixtures, as an eligible project, specifies the estimated project cost and the maximum amount allowable as a deduction, and confines the notification's application to two specified assessment years.

Exemption under section 35AC: specified charitable projects approved as eligible for deductible project costs across listed institutions.
Approval under section 35AC authorises specified institutions and their listed projects as eligible for deduction by setting the maximum project costs allowable as deductions. The notification enumerates each institution, describes the project or scheme (child care, rehabilitation, health, education, rural development and sports related activities) and specifies the maximum amount of project cost that may be deducted. It also prescribes differing periods of assessment year applicability for groups of projects.