Tax exemption for notified infrastructure project under section 10(23G) approved, subject to compliance and audit conditions.
Approval is granted to M/s Mapex Infrastructure Pvt Ltd under section 10(23G), read with rule 2E, for assessment years 2002-2003 to 2004-2005 for a BOT project to widen and rehabilitate a stretch of National Highway-2; the approval is conditional on compliance with section 10(23G) and rule 2E and is subject to withdrawal if the undertaking ceases the infrastructure activity, fails required bookkeeping and audit under sub-rule (7) of rule 2E, or fails to furnish the audit report.

Tax clearance authority designation and prescribed forms govern departure clearance, undertakings and acceptance of assessing-officer tax determinations.
The amendment designates the Chief Commissioner or Director-General (or authorised income-tax authorities) as the prescribed authority to issue No-Objection and tax clearance certificates, with Assessing Officers handling certain domiciled-person applications. It prescribes Forms No. 30A to 33 setting out undertakings, no-objection certificates, information returns, applications and clearance certificates including required particulars, validity periods, acceptance of assessing-officer assessments, forwarding obligations and omission of Forms No. 32 and 34.

Audit report requirement for non-resident royalty income now mandates a specified audit form and Appendix insertion under amended rules.
The Income-tax (Twenty-Seventh Amendment) Rules, 2003 insert a new rule requiring audit reports for income by way of royalties etc. received by non-residents (including foreign companies). The audit report to be furnished under the relevant statutory provision must be in Form No. 3CE, and a corresponding Form Annexure is inserted in Appendix II after Form No. 3CD.

Research exemption approval under section 35 imposes accountability, reporting and audit obligations for notified research institutions.
LPG Equipment Research Centre (LERC) is approved as an Institution under clause (ii) of sub section (1) of section 35, subject to maintaining separate research books of account, furnishing an Annual Return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited Income & Expenditure Account for research to the Director General of Income Tax (Exemptions), the Secretary, DSIR, and the relevant Commissioner/Director of Income Tax by 31 October, plus its income tax return; renewal applications must be filed in triplicate.

Tax exemption approval for a notified infrastructure project, contingent on compliance with law and submission of audited accounts.
Central Government approved M/s GVK Industires Ltd as a notified project for the purpose of section 10(23G), read with rule 2E, for its 440 MW Phase II gas based combined cycle power project, subject to conformity with the provisions of section 10(23G) and rule 2E; approval is liable to withdrawal if the enterprise ceases to carry on the infrastructure facility, fails to maintain and audit books of account as required, or fails to furnish the audit report.

Tax exemption approval under section 10(23G) subject to audit, accounts maintenance and potential withdrawal for noncompliance.
Approval under Section 10(23G) read with rule 2E is granted to M/s GVK Jaipur Kishangarh Expressway Pvt. Ltd. for its BOT highway widening and rehabilitation project for specified assessment years, subject to compliance with section 10(23G) and rule 2E, maintenance and audit of books as required by sub rule (7) of rule 2E, and furnishing the audit report; the Central Government may withdraw approval if the undertaking ceases the infrastructure activity or fails the accounting and reporting requirements.

Research expenditure approval granted; association must maintain separate accounts and file annual returns and audited accounts.
Approval is granted to M/s Centre for Materials for Electronics Technology as an Association for research related tax exemption, subject to maintaining separate books for research, furnishing an annual scientific research return to the Department of Scientific & Industrial Research by the prescribed deadline, and submitting audited annual accounts and audited income & expenditure accounts for research activities to designated tax and departmental authorities by the annual filing deadline; renewal applications must be made in triplicate and copies sent to the Department.

Section 35 approval for research institutions conditions tax-exemption eligibility subject to accounting, annual returns, and audited submissions.
M/s Vedanta Cultural Foundation is approved under section 35 for the period 1.8.2003 to 31.3.2006, subject to maintaining separate books for research and meeting reporting requirements: annual scientific research returns to the Department of Scientific & Industrial Research by 31 May, and submission by 31 October of audited annual accounts and audited income & expenditure accounts for research activities to the designated tax and departmental authorities; renewal applications must be submitted in triplicate through the tax exemption authority and directly to the Department.

Deduction under section 80LA requires an accountant's Form 10CCF certifying eligible offshore banking income in SEZs.
The rules insert Form 10-CCF under rule 19-AE as the required accountant's report for claiming the deduction for Offshore Banking Units in Special Economic Zones, mandating certification that the deduction is based on income received in convertible foreign exchange and supported by Annexure-A detailing assessee identification, Offshore Banking Unit particulars, permissions, gross income, non-convertible receipts, attributable expenses and computed income eligible for deduction.

Research institution approval requires separate research accounts and annual audited submissions to designated authorities by set deadlines.
Approval under clause (ii) of sub section (1) of section 35 read with Rule 6 is conditional on maintaining separate books for research, furnishing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and an audited Income & Expenditure Account for research activities to designated tax and DSIR authorities by 31 October, in addition to filing the income tax return; renewal applications must be made in triplicate via the relevant Commissioner/Director and three copies sent directly to the Secretary, DSIR.

Research institution approval under section 35 requires separate research accounts and annual audited submissions to designated authorities.
Approval under clause (ii) of sub-section (1) of section 35 is granted to the Gujarat Institute of Desert Ecology as an Institution, subject to maintaining separate books for research, furnishing an annual return of scientific research activities to the Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited income & expenditure accounts for research to designated authorities by 31 October, alongside the regular income-tax return.

Approval under section 35: research association must keep separate accounts and file annual returns and audited research accounts.
M/s. National Institute of Ocean Technology is approved as an "Association" under clause (ii) of sub section (1) of section 35 for 1.4.2001 to 31.3.2004, subject to maintaining separate books for research, filing an Annual Return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, submitting audited annual accounts and audited Income & Expenditure Account for research to designated authorities by 31 October, and applying in triplicate for renewal through the Commissioner/Director (Exemptions) with copies to the Secretary, Department of Scientific & Industrial Research.

Research institution approval under section 35(1) requires separate research accounts and annual audited submissions to authorities.
Approval is granted to M/s. Medical Research Centre of Bombay Hospital Trust as an Institution under clause (iii) of sub section (1) of section 35 of the Income tax Act, 1961, subject to maintaining separate books for research and filing an annual return of scientific research activities with the Secretary, Department of Scientific & Industrial Research by 31 May. The institution must also submit copies of audited annual accounts and audited income & expenditure accounts for research activities to designated tax and scientific authorities by 31 October each year and apply in triplicate for renewal.

Tax approval for research institutions requires separate research accounts, annual returns by May and audited reports by October.
Approval of M/s International Board of Yoga as an institution under clause (iii) of sub section (1) of section 35 read with Rule 6 is notified for 1 April 2001 to 31 March 2004 and is subject to conditions: maintain separate books for research activities; furnish annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May; 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 by 31 October; and apply in triplicate for renewal through the Commissioner/Director of Income Tax while sending copies to the Secretary, DSIR.

Research institution approval under income tax law requires specified recordkeeping and annual submissions to designated authorities by prescribed dates.
Approval is granted to M/s The Mother's Service Society as an Institution under section 35 for 1 April 1999-31 March 2002, subject to maintaining separate books for research; furnishing the annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May each year; and submitting audited annual accounts and audited income & expenditure account for the research activities to specified tax and DSIR authorities by 31 October each year, in addition to filing the income tax return. Renewal applications must be submitted in triplicate through the Commissioner/Director and three copies sent to the Secretary, DSIR.

Section 35 approval: research institutions must keep separate research accounts and file annual returns and audited research accounts timely.
Approval for M/s Gujarat Institute of Development Research as an Institution under section 35 is subject to maintaining separate books for research, filing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and a separate audited income & expenditure account for research to designated tax and DSIR authorities by 31 October, alongside the income tax return. Renewal must be applied for in triplicate through the Commissioner/Director of Income tax (Exemptions) with three copies to the Secretary, DSIR.

Approval under section 10(23G) granted to Vemagiri Power Generation, subject to compliance and commencement conditions.
Approval under section 10(23G) of the Income-tax Act, 1961 is granted to M/s Vemagiri Power Generation Ltd for specified assessment years for its 520 MW gas-based power project, subject to compliance with section 10(23G) and rule 2E. The approval is conditional and withdrawable if the undertaking ceases to carry on an infrastructure facility, fails to maintain audited books and furnish the audit report as required by sub rule (7) of rule 2E, or fails to begin generating power by the prescribed deadline.

Corrigendum to tax notification corrects approved enterprise and project name for housing development project registered under income tax approval.
Correction to an income tax notification amends the approved enterprise and project particulars under the authority of clause (23G) of section 10 of the Income tax Act, 1961. The corrigendum substitutes the enterprise name to M/s Bengal Peerless Housing Development Company Ltd. and corrects the project description to Development of Anupama Building Complex Phase II on VIP Road, Calcutta, thereby updating paragraph 3 of the earlier notification record.

Tax exemption under section 10(23G) granted to an enterprise, subject to compliance, books maintenance, and audit reporting requirements.
Approval is granted to M/s HFCL Infotel Ltd under section 10(23G) read with rule 2E for the notified assessment years, conditional on compliance with statutory provisions, maintenance of books of account, audit by an accountant and furnishing the prescribed audit report; the Central Government may withdraw approval if the undertaking ceases to carry on an infrastructure facility or fails to comply with the audit and reporting requirements.

Research institution approval under section 35(1)(iii) conditions include separate research accounts and annual audited reporting.
Approval is granted to M/s Indira Gandhi National Centre for the Arts, C.V. Mess as an Institution under clause (iii) of section 35(1) of the Income-tax Act, subject to maintaining separate books for research, filing an annual return of scientific research activities with the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited accounts and audited income-and-expenditure accounts for research to designated tax and research authorities by 31 October, alongside the income tax return; renewal applications must be filed in triplicate through the tax exemptions office and to the Secretary, DSIR.