Deduction under section 35AC: government approves a company's specified welfare project for a time-limited tax deduction.
Approval under Section 35AC authorizes a specified company's welfare scheme as an eligible project, fixes an estimated project cost and prescribes the maximum portion of that cost allowable as a deduction; the authorization is time-limited to one year for the assessment year specified and is issued by the Central Government on the National Committee's recommendation.

Deduction under section 35AC: specified charitable projects approved for allowance of eligible project expenditure as deduction.
The notification approves specified institutions and designates particular projects or schemes as eligible under section 35AC, listing each institution with the project description and the maximum portion of estimated project cost allowable as a deduction; some entries also require a corpus fund. The tabulation imposes ceilings on deductible expenditure and the notification specifies the limited assessment-year periods during which the approval applies, with recorded substitutions and amendments to certain entries.

Section 35AC deduction increased for a specified sports coaching project, expanding the maximum allowable project cost deduction.
The notification amends S.O.713(E) by substituting the entry in the Table for Sports Coaching Foundation, Hyderabad to increase the maximum amount of project cost allowable as a deduction under Section 35AC, thereby raising the ceiling of project cost eligible for deduction for that specified project.

Deduction approval under section 35AC: specified companies and projects granted capped deductible amounts for two assessment years.
Notification under section 35AC approves specified companies and designates eligible projects or schemes with a capped portion of project cost allowable as a deduction, based on National Committee recommendations; the approvals and deduction limits operate for the two assessment years 1997-98 and 1998-99.

Tax deduction for notified projects allows approved institutions to claim specified project costs within prescribed assessment year windows.
The Notification approves named institutions and specifies eligible projects or schemes and the maximum project cost allowable as a deduction under the income tax provision for notified projects. It identifies project types (health, education, rehabilitation, rural development, infrastructure), lists maximum deductible cost amounts for each approved project, and limits the availability of deductions to the assessment years set out for each entry, with subsequent amendments to certain entries noted.

Tax withholding on Zero Coupon Bonds clarified as difference between redemption value and bid price when held by financial institutions.
Central Government specifies that the difference payable between the redemption value and the bid price of Zero Coupon Bonds issued by auction under the Government of India scheme is within the scope of clause (iiia) of the proviso to section 193, and that this specification applies when such bonds are held by banking companies, co operative banks, public financial institutions, the Discount and Finance House of India Limited, and the Securities Trading Corporation of India Limited.

Competent authority discretion on deemed Indian tax payment where anti abuse and fraud concerns justify non deeming, with notified entry into force.
The Protocol directs that New Zealand's competent authority may, after consulting India's competent authority, decline to treat certain India source income as having borne Indian tax under paragraph 3 of Article 23 where deeming would be inappropriate, considering arrangements to exploit the rule, benefits to non residents, prevention of fraud or tax avoidance, and other relevant matters including submissions from the concerned New Zealand resident. The Protocol enters into force upon reciprocal notification that domestic entry into force requirements are met and applies to income from the first day of the month following its entry into force.

Long term specified assets under section 54EB clarify qualifying bonds and long-term deposits for tax purposes.
Notification specifies as long term specified assets (for section 54EB) (i) bonds redeemable after seven years issued by certain named corporations and financial institutions, and (ii) deposits of not less than seven years with certain named financial institutions, thereby limiting qualifying investments to instruments issued or held with the listed entities and meeting the seven year durability requirement.

Specified bonds under Section 54EA: certain three year redeemable bonds qualify for the section's reinvestment provisions.
Specification of qualifying investments under Section 54EA: the Central Board of Direct Taxes designates as qualifying all bonds and debentures redeemable after three years issued by the specified corporate entities named in the notification, thereby identifying issuer-specific instruments that meet the reinvestment eligibility for Section 54EA.

Specification under section 10(23D): Alliance Capital Mutual Fund recognised as a mutual fund for tax purposes.
Central Government specifies Alliance Capital Mutual Fund as a mutual fund for the purpose of tax exemption under clause (23D) of section 10 of the Income tax Act, identifying the trust deed dated 27 December 1994 between Alliance Capital Management Corporation and named trustees, and recording its registration with the securities regulator under the mutual fund regulations by reference to the registration code and date.

Tax-exempt notification for charitable trust under section 10(23C)(v) conditions restrict investments and business income accounting.
Notification grants tax-exempt status to Church of North India Trust Association subject to conditions: the trust must apply or accumulate its income wholly and exclusively for its objects; restrict investments or deposits to permitted modes except for certain voluntary contributions retained as jewelry or furniture; and any business income is excluded from the notification unless the business is incidental to the trust's objectives with separate books of account maintained for such business.

Eligible project designation under Section 35AC extended for Integrated Rural Development Programme, covering irrigation, agriculture, health and conservation activities.
The Central Government, invoking the powers under Section 35AC, specifies the Ambuja Cement Foundation's Integrated Rural Development Programme at Kodinar Taluka, Amreli District, Gujarat, covering irrigation, agriculture, animal husbandry, mobile dispensary, environment conservation, non-conventional energy, soil conservation and desalination, as an eligible project or scheme for a further two assessment years commencing from assessment year 1997-98, following a National Committee recommendation and prior two-year specification.

Eligible project designation under Section 35AC extended with mandated free and concessional treatment eligibility conditions.
Designation of the construction of a 200 bedded charitable cancer hospital at Azampur, Mathura is extended as an eligible project under section 35AC for two additional assessment years on the National Committee's recommendation; the hospital must provide free treatment to patients below a prescribed income threshold and fifty per cent concessional treatment to patients in a higher income band, with the notification recording the estimated project cost and trust details.

Section 35AC eligible project extension preserves tax benefit for training and rehabilitation of disabled soldiers.
The Central Government specifies the training and rehabilitation scheme for disabled soldiers at Queen Mary's Technical Institute, Kirkee Range Hills, Pune, as an eligible project or scheme for tax incentive purposes for a further two assessment years commencing from assessment year 1997-98, following a National Committee recommendation that the project is being properly executed and noting an estimated project cost.

Tax deduction under section 35AC approves specified corporate projects for eligible deductions subject to prescribed durations.
Approval under section 35AC is granted to specified companies and projects, specifying eligible project costs and the maximum portion allowable as a deduction. The notification describes project purposes (construction, furnishing, health, sanitation, drinking water, family planning, renewable energy, income-generating activities) and links each approved project's deduction entitlement to a defined force period of one year for one entry and three assessment years for the other, on the recommendation of the National Committee.

Section 35AC approvals permit specified institutions' project costs to be deducted subject to notified eligibility, limits and durations.
Notification under section 35AC approves specified non-profit institutions and lists eligible projects, estimated costs, and the maximum portion of such costs allowable as deductions; it also prescribes the assessment years during which those deductions may be claimed.

Section 35AC designation extended for Dalmia Shiksha Samiti school infrastructure scheme for a further period of assessment years.
Specification under section 35AC designates construction of two school buildings and associated facilities of Dalmia Shiksha Samiti, Chirawa, Jhunjhunu-including an indoor stadium-cum-gymnastic hall, hostel, games facilities, library, vocational rooms, workshops and staff quarters-at the stated estimated cost as an eligible project, extended for a further period of two assessment years pursuant to a National Committee recommendation and the powers under sub-section (1) read with the Explanation to section 35AC.

Long-term specified securities designation applies to certain bonds and debentures, enabling tax treatment under income-tax rules.
The Central Board of Direct Taxes, under section 54EA, specifies certain bonds and non-convertible debentures as long-term specified securities where the instruments are redeemable after a period of three years, listing particular issuers whose bonds and debentures satisfy this redemption requirement.

Double taxation avoidance treaty principles allocate taxing rights by residence, permanent establishment and specified source rules.
The Agreement between India and Turkey, given effect under section 90 of the Income-tax Act, applies to residents of one or both Contracting States and to taxes on income (including specified existing and substantially similar future taxes). It defines residency and permanent establishment rules (including tie-breakers for dual residence), allocates taxation rights primarily to the State of residence with source-State taxation where nexus exists (immovable property, permanent establishments, shipping/air transport, dividends, interest, royalties, capital gains), prescribes withholding limitations and exemptions, and provides for elimination of double taxation, non-discrimination, exchange of information and a mutual agreement procedure. A Protocol further clarifies definitional and attribution rules and limits on head-office deductions for permanent establishments in India.

Pension fund designation: Kothari Pioneer Pension Plan declared a specified pension fund for tax purposes under central notification.
The Central Government has specified the Kothari Pioneer Pension Plan, set up by the Kothari Pioneer Mutual Fund, as a pension fund for tax purposes by a formal notification, linking that designation to the Mutual Fund's prior governmental recognition as a notified mutual fund.