Tax deduction at source: revised procedures require income statements, trustee reporting, and a substituted certificate form.
Amendments to the Income-tax Rules, 1962 revise procedures for tax deduction at source, substituting rule 26B to allow assessees to submit statements of non salary income with verification, replacing rule 33 to require trustees of approved superannuation funds to report repayments and tax deducted, and substituting Form No.13 to consolidate applications for certificates under sections 197 and 206C(9) with detailed schedules and annexures; multiple specified sub rules and forms are omitted or renumbered to align with these changes.

Notification under income tax exemption clause imposes conditions for conditional tax-exempt status of Goods Transport Labour Board, Mumbai.
The Central Government notifies the Goods Transport Labour Board, Mumbai under the income-tax exemption clause for specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively for stated objects; investments of funds are restricted to permitted forms except for certain voluntary contributions; business income is excluded unless incidental and separately accounted; regular filing of income-tax returns is required; and on dissolution surplus assets must transfer to a like charitable organisation.

Tax exemption under section 10(23C)(iv) granted conditionally, requiring exclusive application, permitted investments, separate business accounts, returns and asset transfer.
The Central Government notifies Sri Aurobindo Society, Kolkata, for conditional tax-exempt status under section 10 clause (23C)(iv) for the specified assessment years, subject to conditions: exclusive application or accumulation of income for its objects; investments limited to modes permitted by Section 11(5) (except certain voluntary contributions retained in kind); business income excluded unless incidental and maintained in separate books; regular filing of income-tax returns; and transfer of surplus and assets to a like charitable organisation upon dissolution.

Deduction under section 33AB: amended Form 3AC prescribes detailed accounting, deposit and withdrawal disclosures for tea/coffee/rubber businesses.
Substituted Part III of Form No.3AC requires disclosure of books examined, accounting method and any change, whether separate accounts are maintained for growing/manufacturing tea, coffee or rubber, profits or, where separate accounts are absent, turnover, overall profit and proportionate profit before deduction, details of deposits into the National Bank or Deposit Account (account/branch, dates, amounts), withdrawals with dates and amounts, purposes and utilisation of withdrawals, whether amounts were used for specified assets or also claimed as allowances, unutilised withdrawals, asset disposals with acquisition/sale details, and the amount of deduction permissible.

Anti-dumping duty on Acyclic alcohols imposed after findings of dumped imports causing material injury to domestic industry.
Definitive anti dumping duties are imposed on specified Acyclic alcohols under tariff heading 2905 after findings of below normal value exports from Brazil, Malaysia, Romania, Singapore and South Africa causing material and cumulative injury to domestic industry. Duties are specified by product, origin, export country, producer and exporter as amounts per metric tonne in US dollars and are payable in Indian currency; they operate from the provisional duty date and use the exchange rate applicable on the bill of entry date.

Special Economic Zone notification designates specified Visakhapatnam villages and survey parcels as an SEZ under the Foreign Trade Act.
Notification under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 designates a specified area in Visakhapatnam as a Special Economic Zone established by the Government of India, Department of Commerce, and fixes its geographic scope by listing constituent villages-Duvvada, Kurmannapalem, Jaggarajupeta (Gajuwaka Mandal) and Narava-and their precise survey parcel identifiers.

Special Economic Zone designation notifies specified land parcels at Kandla under section 5, fixing perimeter and enclosure details.
Notification under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 designates specified survey numbers as a Special Economic Zone established by the Department of Commerce, describing combined parcels, perimeter measurements and enclosure by fencing or masonry wall, and appending additional survey plots to constitute the notified SEZ area for application of Export and Import Policy regulatory regimes.

Special Economic Zone designation establishes a defined Moradabad area for handicraft units under foreign trade law.
Notification designates a parcel at Moradabad as a Special Economic Zone for handicraft units under section 5 of the Foreign Trade (Development and Regulation) Act, 1992, promoted by M/s. U.P. State Industrial Development Corporation Ltd., and annexes a Schedule listing villages, khasra numbers and area measurements aggregating to a defined total area, thereby establishing the geographic scope of the SEZ for Export and Import Policy purposes.

Immunity from prosecution enables compounding of filing delays under a company law settlement for Jammu and Kashmir companies.
The notification establishes the Company Law Settlement (Jammu and Kashmir) Scheme, 2003 to grant immunity from prosecution and permit compounding of delays in filing certain statutory documents under the Companies Act, 1956 for companies in the State of Jammu and Kashmir, thereby enabling eligible companies to regularise non-compliance by settlement in lieu of prosecution.

Tax collection at source: declaration, remittance timing and certificate procedures clarified under amended rules.
Buyers may submit a prescribed, verified duplicate declaration that specified goods are for manufacturing/processing/production and not trading, one copy of which the seller must forward to the Chief Commissioner/Commissioner by the seventh day of the month following receipt. Collectors must remit sums collected to the Central Government within one week from the last day of the month via authorised banks with an income-tax challan (except Government collections). Collectors must issue prescribed certificates to buyers within one month of debit/receipt, may issue consolidated certificates for half-year periods on request, and may furnish duplicate certificates subject to payment certification and an indemnity bond before credit is allowed.

Interest cap for NBFC deposits tied to reserve bank maximum, restricting interest on fixed and recurring deposits.
The Central Government amends the earlier notification to substitute Item (B) in clause (f)(i), prescribing that Non-Banking Financial Companies may offer interest on fixed and recurring deposits only at rates not exceeding the maximum rate prescribed by the Reserve Bank of India for NBFC public deposits.

Interest rate ceiling: companies must link deposit interest to the maximum rate applicable to non bank financial company public deposits.
The amendment replaces the fixed "twelve and a half percent" benchmark in rule 3(1)(c) of the Companies (Acceptance of Deposits) Rules, 1975 with the phrase linking the permissible rate to "the maximum rate of interest prescribed by the Reserve Bank of India that the Non Banking Financial Companies can pay on their public deposits," thereby tying deposit interest limits to the ceiling applicable to NBFC public deposits; the Rules take effect on publication in the Official Gazette.

Tax exemption under section 35AC extended for specified hospital modernisation project in Maharashtra following National Committee recommendation.
The Central Government specifies the Dr. M.L. Dhawale Memorial Trust project in Maharashtra as an eligible project under section 35AC, covering construction and furnishing of a thirty bed hospital, modernisation of existing hospital facilities, and mobile health clinics/community health workers programme; the specification follows a National Committee recommendation under rule 11M(5) and extends the project's eligibility for a further period commencing from the assessment year 2004 2005.

Exemption under section 35AC extended to braille press construction project, preserving its eligible tax-exemption status.
Exemption under section 35AC was extended to the Blind Persons' Association project for construction and operation of Braille Press facilities and related buildings at Vidyapalli, Malanda, Mahinagar, South-24 Parganas following a National Committee recommendation under rule 11M(5). The Central Government specified the scheme for a further three-year period commencing assessment year 2004-2005, confirming the project scope and estimated cost to preserve its eligible project status for tax exemption purposes.

Exemption under section 35AC extended for integrated rural development project, preserving its eligibility for tax benefits.
The Central Government specified an Integrated Rural Development project at ten villages in Tijara and Nimrana Blocks, Alwar, Rajasthan, executed by PHD Rural Development Foundation, as an eligible project under section 35AC for tax exemption, with an estimated cost of twenty five lakhs; following a National Committee recommendation that the project was being properly executed, the government extended the project's eligibility for a further two years commencing from assessment year 2004-2005.

Income tax exemption provision: eligibility for a nonprofit college project extended following national committee recommendation.
The Central Government, under the Income tax Act exemption provision, specifies the Shri Rang Navchetan Mahila College project executed by Shri Navchetan Education Society Valia as an eligible project for a further three year period commencing with the assessment year 2002 2003, following the National Committee's recommendation that the project is being properly executed; the notification records the project's estimated cost and an associated corpus fund as part of the specification.

Tax exemption under section 35AC extended for construction and equipping of a charitable Vrudhashram and Eye Hospital project.
The Central Government specified the construction, equipment and amenities project for a Vrudhashram and Eye Hospital at Sachina by Shri Hari Public Charitable Trust as an eligible project for a further three-year period following a National Committee recommendation that the project is being executed properly, thereby extending the period during which exemption under the relevant income tax provision applies to expenditures or donations made to that specified project.

Exemption under section 35AC: Kailash Cancer Hospital project retains eligible tax-exempt status for a further three-year period.
The Central Government specifies the construction, furnishing, equipment purchase and water works project for Kailash Cancer Hospital by Muni Seva Ashram as an eligible tax-exempt scheme for a further three-year period beginning with assessment year 2004-2005, following the National Committee's recommendation under the income-tax rules that the project is being executed properly and warrants extended specification beyond the initial three-year period.

Exemption under section 35AC extended for a charitable eye research project following National Committee recommendation.
The Central Government has specified the construction and equipping of an Eye Research Training Centre at Veerayatan, Rajgir, Nalanda, Bihar, as an eligible project for a further three-year period commencing with the assessment year 2004-2005, following the National Committee's recommendation that the project is being executed properly and relying on the statutory mechanism permitting extensions of specified eligible projects.

Tax exemption under section 35AC: eligible technical school project specified and extended following National Committee recommendation.
The Central Government specified the construction, equipment and running of a technical school at Village Sola by Shri Purushotam Seva Trust as an eligible project under section 35AC, noting prior specifications and extensions. The National Committee, satisfied with execution, recommended under rule 11M (sub rule (5)) a further three year specification, and the Government accordingly extends the project's eligibility for a further three years commencing assessment year 2004-2005 at the stated estimated cost.