Approval under section 36 income tax: company status granted to housing finance corporation for tax treatment.
The Central Government approves Housing Development Finance Corporation Limited as a company for purposes of section 36(1)(viii) of the Income-tax Act, exercising the power under clause (viii) of sub section (1) to recognise the entity for the tax treatment provided by that provision for the assessment years.

Exchange rate amendment: Pound Sterling rate revised for customs and stamp law purposes, becoming effective on notified date.
Amendment revises the Schedule entry for Serial No. 14 by substituting a new exchange rate for Pound Sterling and specifies the date from which that rate is effective for customs and stamp law purposes, enacted under powers in the Indian Stamp Act and the Customs Act.

Tax exemption under section 10(23C)(iv) recognized for Medical Research Foundation for specified assessment year.
The Central Government, exercising powers under sub clause (iv) of clause (23C) of section 10 of the Income tax Act, notifies Medical Research Foundation, Madras as meeting the requirements of that provision for the specified assessment year, thereby recording the institution's recognition for the statutory tax exemption purpose prescribed by the cited sub clause.

Tax exemption notification recognizes Cathedral Relief Service's eligibility under section 10(23C)(iv) for the specified assessment year.
The Central Government, under sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961, notified Cathedral Relief Service, Calcutta by S.O.1198 as eligible under that provision for the assessment year 1989-90, recorded as No. 8423/F. No. 197/170/89-IT(A1).

Ceiling on certification by company secretaries: members limited to signing annual returns for a capped number of listed companies.
A practising member entitled to sign annual returns is deemed guilty of professional misconduct if he signs annual returns of more than thirty listed companies in a calendar year; for firms the ceiling applies to each partner entitled to sign, and the restriction is operative for annual returns signed on or after the specified operative date in 1989, under clause (2) of Part II of the Second Schedule to the Company Secretaries Act, 1980.

Specified bonds exemption: transferee must notify issuer by registered post within sixty days to claim benefit.
The Central Government specifies a series of National Housing Bank bonds as eligible for the proviso to the withholding tax rule under section 193, and conditions the proviso benefit on the transferee informing the issuer by registered post within sixty days of transfer.

Customs exemption expanded to include courier service, extending notification scope under statutory amendment in public interest.
Amendment adds the words "or by courier service" after "Aircraft" in Notification No. 33/86 Customs, thereby extending the notification's operative language to include movements effected by courier service; made under statutory authority and stated to be in the public interest.

Customs exemption for tags and labels: duty relief for manufacturer imports when buyer logo appears and goods are supplied free.
Exempts tags, labels, printed bags and stickers imported by manufacturers of export goods from basic customs duty and additional duty under section 3 of the Customs Tariff Act, subject to conditions that the goods be imported for the manufacture of export goods, bear the overseas buyer's logo, and be supplied free of charge by the foreign buyer, with an importer's declaration at the time of import.

Customs exemption amendment changes raw wool eligibility by lowering the fibre-diameter threshold in the notification.
Exercising sub-section (1) of section 25 of the Customs Act, 1962, Notification No. 218/89-Cus. dated 1-8-1989 amends Notification No. 192/88-Customs by substituting the words "carpet grade raw wool of average fibre diameter 36 microns and above" with "raw wool of average fibre diameter 32 microns and above," thereby changing the descriptive eligibility criterion in the exemption text.

Customs amendment inserts new schedule entries to an existing exemption notification under statutory powers from customs and finance acts.
The Central Government, exercising powers under sub section (1) of section 25 of the Customs Act and sub section (4) of section 35 of the Finance Act, amends Notification No. 159/89 Customs by inserting two new serial numbers and corresponding entries into the Schedule immediately after the stated serial entry, each cross referencing subsidiary notifications issued on the same date.

Customs exemption for educational magnetic tapes allows duty-free import by university bodies subject to certification and usage restrictions.
Exemption from customs duty and the additional duty under section 3 is available for recorded magnetic tapes under Heading No. 85.24 imported for use in computers by university-level academic bodies, conditional upon a certification from a senior Ministry of Education officer that the tapes contain educational or scientific material for approved institutes, an undertaking to the Assistant Collector restricting use and re-recording, and prior permission from the Collector of Customs before any sale or disposal.

Customs amendment: substitution of exempted electrical and audio components clarifying tariff exemption coverage.
The Central Government amends Notification No. 345/86 Customs by substituting, at serial number 17 column (4) of the annexed Table, a new enumerated list of exempted parts: switches with contact rating less than 5 amps at 250 volts AC/DC, relays of contact rating up to 7 amps, connectors, potentiometers, paper cones or spiders for loudspeakers, and capacitors, effected by Notification No. 215/89 Cus dated 1 8 1989.

Customs notification amendment inserts a new schedule entry updating auxiliary duty exemption listings under statutory authority.
An amendment inserts a new serial entry into the Schedule of Notification No. 159/89 Customs, altering the list of notifications applicable to auxiliary duty exemptions. The Central Government, exercising powers under the Customs Act in conjunction with the Finance Act, adds the specified serial number and entry immediately after the stated serial number, thereby updating the Schedule's contents without restating substantive exemption terms.

Customs exemption for consumable imports by public-funded research institutions requires officer certifications, use-restrictions, and official recommendation.
Exemption from customs duty and additional duty is granted for consumable goods imported by public-funded research institutions under the Departments of Space or Atomic Energy, provided three certifications are produced: a non-availability certification by a Directorate General of Technical Development officer, a research-need and non-commerciality certification and recommendation by a Deputy Secretary-level officer, and a Head-of-institution certification that the goods will be used only for research and not transferred.

Excise exemption for billets, rods and sheets of copper produced by a specified defence laboratory from supplied copper under public interest.
Exemption from excise duty is granted for billets, rods and sheets of oxygen-free copper or beryllium copper under Chapter 74 when manufactured by the specified defence laboratory out of copper supplied by the designated supplier; the notification removes the whole of the duty otherwise leviable, conditional on the production and supply arrangement and justified as being in the public interest.

Exemption conditions for inputs used in acrylic fibre manufacture now require adherence to Chapter X procedures when used offsite.
The Government substitutes the entry at S. No. 10, column (4) to provide that an input is exempt only if it is used in the manufacture of acrylic fibre and, if such use occurs outside the factory of production, the procedure set out in Chapter X of the Central Excise Rules, 1944 is followed.

Delegation of Collector powers enables nationwide investigation and adjudication authority for assigned excise cases.
The Central Board of Excise and Customs, relying on clause (b) of section 2 of the Central Excises and Salt Act and rule 4 of the Central Excise Rules, delegates to a designated Collector the statutory powers of a Collector of Central Excise to exercise investigation and adjudication authority throughout the territory of India in respect of cases assigned by the Board.

Extension of notification validity under the Customs Act extends the expiry date of a customs exemption notification.
The Central Government, exercising sub-section (1) of section 25 of the Customs Act, 1962, amends Notification No. 287/87-Cus. (7 August 1987) by substituting the words "31st day of July, 1989" with "31st day of July, 1990", thereby extending the expiry date of the specified customs exemption notification.

Extension of notification validity: customs exemption notification expiry date substituted to extend validity under Customs Act
Amendment extends the operative life of an existing customs exemption notification by substituting the expiry date; the Central Government, invoking its executive power under the Customs Act, replaces the figures and words denoting the earlier expiry in paragraph 2 of Notification No. 351/85-Customs with new figures and words to prolong the notification's applicability.

Deemed accrual of interest on certain Indira Vikas Patra certificates alters tax treatment by treating compounded interest as yearly accrual.
For certificates purchased in the specified purchase window, interest compounded on the initial sale value shall be deemed to have accrued at the end of each year, calculated from the date of initial purchase up to the end of five and a half years, for the purpose of tax payable by the holder in the relevant assessment year under the law.