Accounting standards require disclosure of accounting policies and separate reporting of prior period and extraordinary items.
Notification prescribes mandatory accounting standards for assessees under section 145(2) requiring disclosure of all significant accounting policies in the financial statements, aiming to present a true and fair view guided by prudence, substance over form and materiality. Material changes in policies or estimates must be disclosed and their impact shown; effects not ascertainable must be indicated. Prior period items and extraordinary items must be separately disclosed with nature and amount, and questions whether a change is a policy or an estimate are to be referred to the Board.

Appreciation certificate awards to customs and enforcement officers under the departmental awards scheme for distinguished service.
Appreciation certificates were conferred on Republic Day, 1996 to named officers of the Customs & Central Excise Department, Narcotics Control Bureau and Directorate of Enforcement for specially distinguished service. The notification enumerates recipients and their postings and states that the awards are made under the departmental awards scheme provision cited in the relevant gazette notification as the legal basis for such grants.

Housing Finance Company approval granted with condition of statutory compliance for specified assessment years.
The Central Government notified that Global Housing Finance Corporation Ltd. is approved as a Housing Finance Company under the Income tax Act for the assessment years 1995-96 and 1996-97, and the approval is expressly subject to the company's conformity with and compliance with the requirements of the relevant income tax provision.

Approval as Housing Finance Company granted subject to compliance with section 36(1)(viii) provisions for specified assessment years.
The Central Government approved Home Trust Housing Finance Co. Ltd., Calcutta, as a Housing Finance Company for specified assessment years, subject to the condition that the company conform to and comply with the statutory provisions of the Income tax Act applicable to housing finance companies; the approval is recorded by formal notification identifying the company and its address.

Customs exemption for reagent impregnated diagnostic paper allows reduced duty where specified size conditions are met.
The Central Government exempted imported paper under sub heading 3822.00 impregnated or coated with diagnostic or laboratory reagents from customs duty in excess of the amount calculated at a 20% ad valorem rate, limited to paper in strips or rolls wider than 15 cm or rectangular sheets with one side exceeding 36 cm and the other exceeding 15 cm unfolded.

Customs exemption for infant food limits excess import duty by fixing an ad valorem ceiling on such goods.
Exemption limits customs duty on food preparations meant for infant use and sold retail by reducing the portion of duty leviable under the First Schedule to an amount calculated at a specified ad valorem rate for the relevant tariff subheading, effected by a miscellaneous exemption notification and later rescinded by a subsequent notification.

Customs exemption amendment narrows coverage to exclude certain peripheral and separately housed disk drive equipment.
Amendment revises the Table to Notification No. 59/95 Cus by substituting column (3) entries: S. No. 1 is replaced with an entry excluding certain peripherals and storage devices-computer printers usable with automatic typewriters, word processors or specified office machines; X Y co ordinate input devices (mouse, light pen, joy stick); disc storage units not separately housed; and hard disc drives and floppy disc drives, separately housed. S. No. 2's column (3) entry is substituted to read "Hard disc drives or floppy disc drives, separately housed."

Customs port appointment: Port Blair authorised for unloading imported and loading of export goods under notification amendment.
Exercising statutory powers under the Customs Act, the Central Government amends the Table in the earlier notification to substitute the Port Blair entry in column (4) so as to authorise "unloading of imported goods and loading of export goods or any class of such goods" at Port Blair.

Import restrictions from Nepal bar re import of third country goods, with limited project machinery exceptions subject to conditions.
Importation into India of goods imported from Nepal that were originally exported to Nepal from countries other than India is prohibited to prevent smuggling; however, machinery and equipment used in Nepal for execution of a project may be imported after completion provided the importer produces an Indian Embassy, Kathmandu certificate of one year's use, the project was financed by a multilateral agency or the Government of India, and any required Reserve Bank of India permission to import into Nepal had been obtained.

Customs notification amendment expands covered enforcement agencies and raises specified numerical thresholds in the text.
The notification amends an existing customs notification by substituting departmental references in multiple sub paragraphs to include the Directorate of Enforcement and Narcotic(s) Control Bureau alongside Customs and Central Excise Departments and by increasing specified numeric words in paragraph four from "twenty five" to "thirty" and from "thirty" to "thirty five".

Customs exemption amendments substitute specified drug and drug-manufacture entries, updating exemption schedules under public interest authority.
Under section 25(1) of the Customs Act, the Central Government amends two miscellaneous exemption notifications to substitute specified entries: replacing a Schedule entry with Mesna and substituting a Table entry with N-Carbethoxy-4-piperidone, thereby updating the list of life saving drugs and materials used in drug manufacture exempted under the customs tariff.

Imports exemption for manufacture of goods supplied to projects granted deemed export benefits under public notice.
Amendment to Notification No. 260/92 Customs inserts a provision granting an imports exemption for inputs imported for manufacture of final products to be supplied to projects that have been extended deemed export benefits under the Ministry of Commerce public notice, effected under the powers of section 25(1) of the Customs Act.

Import value limit for readymade garments under VBAL increased by amendment, raising permissible proportion of assessed value.
Amendment to Notification No. 107/95-Customs substitutes the words and figures in condition (2) to raise the permitted proportion of value applicable to readymade garment imports under the value-based allowance scheme; the change is effected by executive exercise of powers under the Customs Act as a substitution of the existing cap in that condition.

Post-export use of exempt materials permitted - importer may use them to manufacture other goods after obligations discharged.
Amendment adds a proviso that once the export obligation has been discharged in full, the exempt materials may be utilised by the importer in his own factory for manufacture of any other goods, thereby allowing domestic use of duty free inputs after completion of the export performance requirement.

Notification amendment: substitution of Pyrimethamine in central excise exemption schedule under section 5A exercise of authority.
Amendment substitutes the entry "Pyrimethamine" for the item previously listed at serial number 1, column (2), item (19) in Notification No. 8/95-Central Excises, thereby altering the exemption list under the Central Excise tariff; the change is effected under statutory power on satisfaction of public interest.

Tax exemption notification under section 10(23C)(v) requires exclusive application of income and specified investments for specific assessment years.
Notification recognizes Jagadguru Sir Sankaracharya Swamigal Srimatam Samsthanam under section 10(23C)(v) for specified assessment years, subject to conditions: income must be applied wholly and exclusively to the institution's objects; funds (other than certain voluntary contributions in kind) must be invested only in modes permitted by subsection (5) of section 11; and income from business is excluded unless the business is incidental to the objectives and is accounted for in separate books.

Customs port amendment clarifies permitted unloading of specified imports and loading of minerals and bamboos for export.
The Central Government amends a prior non tariff customs notification to revise the Table entry for Panaji Port, substituting column entries to permit unloading of imported coking coal, coke and limestone, and loading of minerals and bamboos for export, thereby specifying the limited operational purposes for which the port is appointed.

Ports for Coastal Trade designation amended: Tamil Nadu port list updated to include named coastal ports.
The Central Government, under the Customs Act, amends Notification No. 64/94(N.T.)-Customs by substituting the entries for Tamil Nadu in the annexed Table with a new list of nine named ports, thereby updating the ports appointed for coastal trade in that State by Notification No. 2/96-Cus. (N.T.).

Customs ports appointment: Tamil Nadu ports authorised to unload imported goods and load export goods; Ennore limited to ammonia.
The notification amends the Table for Tamil Nadu to designate specific ports and their authorised activities: Cuddalore, Karaikal, Madras Sea Port, Mandapam, Nagapattinam, Pondicherry, Rameshwaram, Tuticorin, Valinokkam and Veppalodai are authorised for unloading of imported goods and the loading of export goods or any class of such goods; Ennore is authorised for unloading of ammonia.

Customs notification amendment removes reference to a prior exemption notice, altering Explanation cross-references in preferential imports regime.
The Central Government amends specified customs exemption notifications affecting imports from SAARC and preferential countries by substituting the wording of the Explanation clauses in two notifications to remove a listed cross referenced exemption notification from each list, thereby shortening and altering the internal cross references among those exemption instruments.