Tax exemption for technical service fees: specified defence related services income excluded from taxable total under government declaration
Central Government declares that any income arising to the State Foreign Economic Corporation for Export and Import of Armament and Equipment by way of fees for technical services received in pursuance of the agreement dated 11 September 1992 with the President of India, for providing services in or outside India in projects connected with security of India, shall not be taken into consideration for computing the total income of the said company under the Income tax Act, 1961.

Section 35AC cost limits revised, altering approved project cost ceilings and notification durations for eligibility.
The notification amends earlier approvals under section 35AC by increasing the approved maximum project cost ceilings for specified serial numbers and by substituting the prior duration clause with a new schedule: one-year duration for serial number 9, two-year duration for serial numbers 1 and 12, and three-year duration for serial numbers 2, 3, 4, 5, 6, 7, 8, 10 and 11 in relation to the stated assessment years.

Approval under income-tax provision authorizes tax-approved afforestation programme with annual reporting, audited accounts and possible withdrawal.
Approval was granted to India 2000 for an afforestation programme, valid from 1 July 1994 to 30 June 1995, subject to maintaining a separate donations account for the programme, providing a full-year progress report by 31 July 1995, submitting audited annual accounts and a programme balance sheet by 31 July 1995, and acceptance that the prescribed authority may withdraw approval, including retrospectively, if not satisfied.

Notification under section 10(23C)(v): tax-exempt recognition with income-application and investment restrictions for specified assessment years.
Notification grants tax-exempt recognition to Ramakrishna Sharda Mission for specified assessment years, conditional on applying or accumulating income exclusively for its objects, restricting investments to forms authorised for charitable trusts (excluding certain tangible voluntary contributions), and excluding business profits unless incidental to objectives and maintained in separate books.

Tax exemption under clause (23C)(v) applied to a charity, subject to income application and investment restrictions.
Notification grants tax exemption under clause (23C)(v) of section 10 to T.V.S. Charities, Madurai for assessment years 1992-93 to 1994-95, on conditions that the assessee applies or accumulates income exclusively for its objects, limits investments or deposits to modes permitted by law (excluding certain tangible voluntary contributions), and disallows exemption for business income except where incidental to objectives and accounted for in separate books.

Specified management institutes recognized for tax exemption under Income Tax law; four premier management institutes listed.
Central Government specifies certain management institutes for the purposes of the tax-exemption clause in section 10 of the Income-tax Act, identifying four Indian Institutes of Management and recording their registration particulars and dates in Notification S.O.475(E) dated 28-6-1994.

Tax exemption for specified tax-free secured bonds under section 10(15)(iv)(h) requires mandatory holder registration to qualify.
Central Government specifies a series of tax-exempt secured non-convertible bonds (seven-year tenor, ten per cent coupon, distinctive numbering) as qualifying under clause (15)(iv)(h) of section 10 of the Income-tax Act. The tax exemption is admissible only if the holder registers his name and his holding with the issuing corporation, making registration a mandatory condition for the benefit.

Specification under section 80L: Government designates secured five year non convertible redeemable bonds issued by Indian Railways Finance Corporation.
Central Government, under clause (ii) of sub section (1) of section 80L of the Income tax Act, specifies the VIII Series five year taxable secured redeemable non convertible bonds issued by Indian Railways Finance Corporation Limited, identifying denomination, aggregate issuance and a defined range of distinctive bond numbers for the purpose of that clause.

Tax-exempt bonds designated under section 10(15)(iv)(h) confer exemption only when holders register holdings as prescribed.
Central Government designates a specified issue of tax-free secured redeemable non-convertible bonds issued by Power Grid Corporation as falling within item (h) of sub-clause (iv) of clause (15) of section 10, describing the issue by series, distinctive numbers, tenure, interest character and face value. The tax exemption under that item is admissible only if the bondholder registers his name and holdings with the issuer; failure to register renders the benefit unavailable.

Specified bonds under Section 80L gain recognition for tax treatment by Central Government notification, defining eligible instrument series.
Central Government specifies, under clause (ii) of sub section (1) of Section 80L, the 5-year 15 per cent taxable Secured Redeemable Non-Convertible (II Series Issue) Bonds issued by Power Grid Corporation of India Limited, identifying serial numbers B 0000001 to B 2360000 aggregating to the stated issue amount, as the instruments specified for the purposes of that provision.

Exemption under section 10(23C)(iv) notified for Institute of Chartered Accountants of India for specified assessment years.
Central Government, exercising the power under sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, has issued a notification recognizing the Institute of Chartered Accountants of India as entitled to the exemption provided by that sub-clause for specified assessment years, thereby conferring exemption status for those assessment periods.

Approval under section 36(1)(viii) granted to GLFL Housing Finance Limited, conditional on statutory compliance.
The Central Government approves GLFL Housing Finance Limited, Ahmedabad, under section 36(1)(viii) of the Income tax Act, 1961 for the assessment year named in the notification, subject to the condition that the company will conform to and comply with the provisions of section 36(1)(viii).

Approval under section 36(1)(viii): Dewan Housing Development Finance Ltd approved subject to compliance for specified assessment years.
Central Government approval is granted to Dewan Housing Development Finance Limited under section 36(1)(viii) of the Income-tax Act, 1961 for the assessment years 1993-94 to 1995-96, subject to the condition that the company shall conform to and comply with the provisions of section 36(1)(viii) of the Act, as notified by S.O.1409 dated 31-5-1994.

Approval under section 36(1)(viii) permits tax treatment for a housing finance company subject to statutory compliance.
Approval is granted to Vidarbha Housing Development Finance Company Limited under section 36(1)(viii) of the Income-tax Act by Notification S.O.1408 dated 31-5-1994, subject to the condition that the company conform to and comply with the provisions of section 36(1)(viii) to retain approved status.

Tax approval for conservation programmes enables donor-deduction eligibility subject to annual reporting, audited accounts, and authority review.
Approval is granted to Tirumala Tirupati Devasthanams for two specified forest conservation programmes for the period 1 4 1993 to 31 3 1996, subject to conditions: maintain separate donation accounts for conservation and ecological maintenance; furnish annual progress reports by 30 June; submit audited annual accounts and programme-wise balance sheets by 30 June; and accept that the prescribed authority may withdraw approval, including retrospectively, if not satisfied.

Approval under section 36(1)(viii) granted to Ind Bank Housing Limited subject to compliance for specified assessment years.
Approval under section 36(1)(viii) of the Income tax Act is granted to Ind Bank Housing Limited, Madras, for the purpose of that clause for specified assessment years, subject to the condition that the company will conform to and comply with the provisions of section 36(1)(viii).

Tax approval under section 36(1)(viii) grants company deductibility subject to statutory compliance for specified assessment years.
Approval is granted to Credit Capital Venture Fund (India) Limited as a company for purposes of section 36(1)(viii) of the Income-tax Act, 1961 for the specified assessment years, subject to the condition that the company will conform to and comply with the provisions of section 36(1)(viii).

Exemption under section 10(23C)(v) granted subject to exclusive application of income and section 11(5) investment limits.
Recognition under section 10(23C)(v) is granted to the trust for the stated assessment years on conditions that income be applied wholly and exclusively to its objects; investments or deposits of funds are limited to permitted forms or modes as specified in section 11(5) (with an allowance for voluntary contributions retained as jewellery, furniture, etc.); and business profits are excluded unless the business is incidental and maintained in separate books.

Specification of Exchange Risk Administration Fund recognizes the fund as qualifying for tax treatment under section 10(23E).
The Central Government, under clause (23E) of section 10 of the Income-tax Act, specifies the Exchange Risk Administration Fund set up by Power Finance Corporation Limited as qualifying for the purposes of that clause, identifying Power Finance Corporation as a public financial institution notified under the Companies Act and thereby effectuating statutory recognition for the fund's tax treatment.

Interest waiver for post year orders creating income, allowed when income is disclosed and attributable tax paid.
Reduction or waiver of interest under sections 234A, 234B and 234C is permitted where income arises for a previous year due to a post year court, statutory or government order (excluding assessment/appeal/reference/revision orders), provided the relevant income is disclosed in the return or to the Assessing Officer and the tax attributable to that income is paid. Periods for relief are specified per section and the relief equals the difference between interest computed including the relevant income and interest computed after excluding it. The direction applies to relevant orders from the stated commencement date.