Approval under section 35(1)(ii): institution must keep separate research accounts and file annual audited returns.
Approval under Section 35(1)(ii) is granted to Kamayani Udyog Kendra Society, Pune, as an Institution for the period 1-4-1986 to 31-3-1987, subject to maintaining separate accounts for research receipts and furnishing annual returns of research activities to the prescribed authority by 30 April. The Society must submit audited annual accounts showing total income, expenditure and a balance-sheet to the prescribed authority and provide copies to the Commissioner of Income-tax by 30 June. Extension applications must be filed with the Central Board of Direct Taxes at least three months before expiry.

Approval under section 35(1)(ii) grants tax recognition to a research association, subject to annual reporting and audit.
Approval is granted to Aspee Agricultural Research and Development Foundation, Bombay as an association for purposes of approval under section 35(1)(ii) of the Income-tax Act, subject to conditions: maintain separate research accounts; furnish annual returns of scientific research activities in prescribed forms by the annual deadline; submit audited annual accounts, income and expenditure statements and balance-sheet to the prescribed authority and the Commissioner of Income-tax by the prescribed date; and apply for extension of approval three months before expiry to avoid rejection.

Constituency allowance exemption under income tax notified, applying to Members of Parliament from the first day of April.
Notification designates the Constituency Allowance paid to Members of Parliament under the Members of Parliament (Constituency Allowance) Rules, 1986 as exempt from income tax under clause (17) of section 10. The Central Government notifies that the exemption takes effect from the first day of April, 1986.

Validity period amendment extends the effective term of a prior income tax notification, altering its stated expiry to a later date.
This corrigendum modifies Office Notification No. 6891 by directing that the validity period of the earlier notification be read as 1-4-1986 to 31-3-1989 instead of 1-4-1986 to 31-3-1987, for general information and administrative application.

Constituency Allowance tax exemption under section 10(17) notified for Members of Parliament, effective from April.
Notification under clause (17) of section 10 of the Income-tax Act, 1961, notifies the Constituency Allowance payable to Members of Parliament under the Members of Parliament (Constituency Allowance) Rules, 1986, as within the scope of that clause, and states that the notification takes effect from 1 April 1986.

Specification of certain secured redeemable non-convertible bonds confirms their treatment under withholding tax provisions.
The Central Government, exercising powers under the proviso to section 193 of the Income-tax Act, specifies the "1986--IPCL--14% Secured Redeemable Non-convertible Bonds" issued by Indian Petrochemicals Corporation Limited, Baroda, as specified bonds for the purposes of that proviso, thereby identifying their treatment under the withholding tax framework of that provision.

Specification of bond under withholding tax proviso clarifies tax treatment for issued secured redeemable nonconvertible bond.
Central Government specifies the 7 Year 14% Secured Redeemable Non convertible Bond (A. series) issued by the National Hydroelectric Power Corporation Limited, New Delhi, under clause (iib) of the proviso to section 193 of the Income tax Act, thereby bringing the named instrument within the scope of that proviso for income tax withholding purposes by Notification No. S.O.3830 dated 29 10 1986.

Specification of bonds under Section 193 treats listed HDFC bonds as specified for withholding-rule applicability.
The Central Government, under clause (iib) of the proviso to section 193, specifies three categories of bonds issued by Housing Development Finance Corporation Limited, New Delhi-HDFC 12.5% Bonds (1992-1996), HDFC 12.5% Bonds (1995), and HDFC 12.5% Bonds (1996)-for the purposes of that clause by notification dated 29-10-1986.

Section 269SS notification: HDFC authorised for its Home Savings Plan, Loan Linked Deposit and Certificate schemes.
Central Government notifies Housing Development Finance Corporation Limited, Bombay, under the proviso to section 269SS for the Home Savings Plan Scheme, Loan Linked Deposit Scheme and Certificate of Deposit Scheme, including the Cumulative Interest Scheme, and modifies the earlier notification dated 18 7 1986 to that extent.

Notification under section 269SS: HDFC schemes for home savings and deposit plans recognised for section purposes.
The Central Government, under clause (e) of the proviso to section 269SS of the Income tax Act, 1961, notifies Housing Development Finance Corporation Limited in respect of its Home Savings Plan Scheme, Loan Linked Deposit Scheme and Certificate of Deposit Scheme, including the Cumulative Interest Scheme, for the purposes of that proviso, and modifies the earlier notification dated 18 7 1986 to that extent.

Specification under Section 80L: REC debentures designated as qualifying secured redeemable non convertible bonds for tax purpose.
Central Government specifies a seven year secured, redeemable, non convertible bond series issued by the national rural electrification financing body as qualifying under the relevant clause of the Income tax provision, thereby identifying those debentures for the statutory tax treatment provided by that clause.

Approval under section 35(1)(ii) conditions research institution recognition with mandated separate accounts and annual reporting.
Approval is granted to the Child Trust Medical Research Foundation as an approved institution under Section 35(1)(ii) of the Income-tax Act, subject to maintaining a separate account for scientific research receipts, furnishing annual returns of research activities by 30th April, submitting audited annual accounts and balance sheet to the prescribed authority and Commissioner by 30th June, and applying for extension of approval at least three months before expiry; late applications may be rejected.

Specified debentures under section 80L designated for tax treatment as secured redeemable non convertible bonds issued by the issuer.
The Central Government, under the deduction provision of the Income-tax Act, specifies a seven year secured redeemable non convertible bond series issued by the named public power corporation as qualifying debentures for the purposes of that deduction clause; the notification confines its effect to listing that bond series and records the official reference and date.

Approval under section 35(1)(ii) granted with conditions on separate research accounts, annual returns, audited filings and renewal timing.
Approval under section 35(1)(ii) is granted to Charutar Arogya Mandal Medical Research Society, Vallabh Vidyanagar, as an "Association" subject to conditions: maintain separate accounts for scientific research; furnish annual scientific research returns by 30 April; submit audited annual accounts, income and expenditure statements and balance-sheet to the prescribed authority and the concerned Commissioner of Income-tax by 30 June; and apply for extension at least three months before approval expiry. The approval period runs from 1 August 1986 to 31 March 1988.

Approval conversion under Section 35(1)(ii): research approval made time bound with specific reporting and accounts conditions.
The perpetual approval under section 35(1)(ii) granted to the Indian Academy of Pediatrics is converted into a time bound approval valid to 31 3 1987, conditional on maintaining a separate account for scientific research, furnishing annual returns of research activity by 30 April, submitting audited annual accounts and balance sheet with copies to the prescribed authority and the Commissioner by 30 June, and applying to the Central Board for extension at least three months before expiry.

Research approval under section 35(1)(iii) granted subject to separate accounts, annual returns, audited accounts, and renewal requirements.
Approval of the Institute of Marketing Management, New Delhi, as an approved institution for research-related tax purposes is subject to maintaining a separate account for research receipts, filing annual returns of scientific research activities by 30 April, submitting audited annual accounts and balance sheet to the prescribed authority and the Commissioner of Income-tax by 30 June, and applying for extension of approval at least three months before expiry; late applications may be rejected. The approval is effective from 1 April 1986 to 31 March 1988.

Estate duty exemption for property vested in state by land and forest vesting laws: such estate duty shall not be payable.
The Central Government directs that no estate duty shall be payable in respect of property included in a deceased's estate which has vested in the State of Kerala under the Kerala Land Reforms Act and the Kerala Private Forests (Vesting and Assignment) Act, relieving such property from levy or collection of estate duty.

Specified debentures under section 80L: secured redeemable nonconvertible bonds issued by Neyveli Lignite specified by notification.
Central Government specified 7 year secured redeemable non convertible bonds issued by Neyveli Lignite Corporation Limited as the debentures recognised for the purposes of section 80L under clause (ii) of sub section (1) by formal notification, thereby identifying that class of securities for eligibility under the tax provision.

Approval under section 35(1)(ii) converted to time-bound status, subject to research accounting, annual returns and audited filings.
Approval previously granted under section 35(1)(ii) to the Diabetic Association of India, Bombay is converted to a time-bound approval valid up to 31-3-1987 subject to conditions: maintain a separate research account; furnish annual scientific research returns by 30 April; submit audited accounts and balance-sheet to the prescribed authority and Commissioner by 30 June; and apply to the Central Board of Direct Taxes for extension at least three months before expiry, with late applications liable to be rejected.

Approval conversion to time-bound status requires separate research accounts, annual returns, audited statements, and timely reapplication before expiry.
Perpetual approval under clause (ii) of section 35(1) for the Society of Nuclear Medicine India, Bombay, is converted into time bound approval under the category Association, subject to maintaining a separate account for scientific research receipts, furnishing annual research returns by 30th April each year, submitting audited annual accounts and balance sheet to the prescribed authority and Commissioner by 30th June each year, and applying for further extension three months before expiry.