Tax exemption for specified income of Tamil Nadu Pollution Control Board granted under section 10(46) subject to prescribed conditions.
Notification under Section 10(46) notifies the Tamil Nadu Pollution Control Board as a constituted State body for exemption of specified incomes-consent and authorization fees, monitoring and survey fees, reimbursements from central schemes, EAIA processing fees, training and non-commercial law-book sales, RTI and public hearing fees, vehicle emission and miscellaneous receipts, and interest-applicable for assessment years 2014-15 to 2018-19, subject to non-commercial activity, unchanged nature of specified income during the year, and specified return-filing requirements.

Tax exemption recognition for Kerala State Electricity Regulatory Commission exempting specified income subject to non commercial and return filing conditions.
Notification designates Kerala State Electricity Regulatory Commission as a constituted Commission for recognition of specified income comprising grants and loans from the Government of Kerala, petition fees, licence fees, and interest from investments, applicable for financial years 2012-2013 to 2016-2017, subject to conditions that the Commission not engage in commercial activity, that its activities and the nature of specified income remain unchanged during the year, and that it files its return of income under clause (g) of sub section (4C) of section 139 of the Income tax Act.

Tax exemption for notified research body: grants and interest exempt subject to noncommercial use and compliance filing.
Notification under clause (46) of section 10 exempts the North East Centre for Technology Application and Reach from tax on two categories of income-grants in aid and interest on those grants-subject to conditions: no commercial activity, unchanged activities and specified income during the financial year, and filing the return of income as required; grants must be received and applied per prevailing rules and regulations.

Section 120 amendment: Notification wording revised to remove Ramanagar from excluded districts and adjust Schedule exclusions.
The Central Board of Direct Taxes amends the Schedule to notification S.O. 1615 (E) by substituting bracketed exclusion language in column (4): "(other than the districts of Ramanagar" is replaced by "(other than the districts of", and "(other than the districts of Kolar, Chikkaballapur, Ramanagar" is replaced by "(other than the districts of Kolar, Chikkaballapur,", thereby removing Ramanagar from the specified exclusions under the notification.

Notification amendment replaces Range designation from 7(1) to 7(2) in an Income-tax Gazette notification.
The Central Board of Direct Taxes, under the cited provisions of the Finance Act and section 120 of the Income-tax Act, 1961, amends notification S.O.876(E) dated 22nd June, 2005 by substituting the term "Range 7(1)" in paragraph (i) with "Range 7(2)", by notification dated 19th December, 2014.

Exchange rate expression amended to a per hundred units basis, clarifying the customs exchange rate used for valuation.
Corrigendum to Notification No. 115/2014-CUSTOMS (N.T.) replaces in Schedule II, Column (3) the phrase "Rate of exchange of one unit of foreign currency equivalent to Indian rupees" with the Rate of exchange of 100 units of foreign currency equivalent to Indian rupees, thereby correcting the unit basis used for customs exchange rate expression applicable to assessment and related procedures.

Exchange rate determination for customs purposes set uniform conversion rates for specified foreign currencies, affecting import and export valuation.
Determination under section 14 of the Customs Act prescribing conversion rates effective 19th December 2014 for specified foreign currencies for customs purposes. The notification supersedes the earlier notification and provides separate rates for imported goods and for export goods, set out in Schedule I (per unit rates for major currencies) and Schedule II (rates per 100 units for currencies so quoted). The determination applies except as to prior acts or omissions and is issued by the Central Board of Excise and Customs.

Appropriate Government Treasury designation enables e-payment collection of VAT and CST dues subject to prior conditions under the Act.
State Bank of Bikaner & Jaipur is designated as an Appropriate Government Treasury to collect tax, interest, penalty and other amounts due under the Delhi Value Added Tax and Central Sales Tax regimes from dealers, casual traders and contractees in e-payment mode only, in addition to already notified banks, subject to Reserve Bank regulations and conditions specified in the earlier departmental notification, with immediate effect.

Exchange rate revision updates Japanese Yen import and export conversion rates under Section 14 of the Customs Act.
Amendment replaces Serial No. 1 in Schedule-II of Notification No. 113/2014-CUSTOMS (N.T.) to revise the rate of exchange for Japanese Yen with distinct figures for import and export valuation, and declares the revised rates effective from the stated implementation date; the notification also corrects the descriptive caption of the rate measurement in the schedule.

Corrigendum to income tax notification updates Schedule I territorial listings, postal code entries and taxpayer category references.
Corrigendum to the Income tax notification S.O.2752(E) effects targeted textual and territorial amendments in Schedule I: substitutions of item cross references, addition of districts and talukas to territorial listings, omission and narrowing of specified postal codes (including municipal exclusions), expansion of postal code listings and cantonment/taluka designations, and insertion of a taxpayer category for persons other than companies and cooperatives deriving non business or non professional income with attendant cross reference adjustments.

Currency export restrictions: Denomination limits on Indian notes to Nepal and Bhutan, with a capped exception for travellers.
Regulatory amendment replaces Regulation 8(1) to prohibit taking or sending Government of India and Reserve Bank of India currency notes above a specified small-denomination threshold to Nepal and Bhutan, while permitting individual travellers to carry specified higher-denomination Reserve Bank notes subject to a capped aggregate limit; the amendment is made under Section 6(3)(g) and Section 47(2) of the Foreign Exchange Management Act, 1999 and commences on publication in the Official Gazette.

Registered dealers must file or update Form DP-1 online and upload a scanned signed signature sheet by the specified deadline.
Registered dealers must file or update Form DP-1 online, upload a scanned signed signature sheet in PDF, and submit the form; information filed/updated will be treated as a request for amendment of registration particulars equivalent to an application in Form DVAT-07/Form 11. Dealers changing business constitution must submit a hard copy acknowledgement with supporting legal documents in the concerned ward; other dealers shall retain the acknowledgement for reference. The filing/updating process is time-limited and the notification takes immediate effect.

Issue of depository receipts: framework for eligible securities, custodian role, pricing parity and mandatory reporting requirements.
The amendment creates a framework for issuance/transfer of Depository Receipts under the Depository Receipts Scheme, 2014: defines Domestic Custodian and Depository Receipt, permits eligible persons to issue/transfer eligible securities to a foreign depository, allows domestic custodians to purchase securities for conversion, requires aggregate foreign holdings to remain within extant FEMA limits, mandates pricing parity with corresponding domestic issues, and requires domestic custodians to report issuances to the Reserve Bank in prescribed formats.

Tariff value fixation updated: substituted customs tariff value tables set for specified imported goods under Customs Act
Substitutes revised tariff-value TABLE-1, TABLE-2 and TABLE-3 into Notification No. 36/2001-Customs (N.T.) under section 14(2) of the Customs Act, specifying US dollar tariff values per metric tonne or per unit for listed imported goods (including palm oil and palmolein grades, soya bean oil, brass scrap, poppy seeds, areca nuts, and specified gold and silver categories) to serve as operative benchmarks for customs valuation and non-tariff administration.

Pneumatic tyres and tubes: 612 tyre sizes listed as not domestically manufactured, permitted for import by OEMs for replacement.
A Department of Industrial Policy & Promotion office memorandum states that, under Sub clauses (a)-(f) of Clause 3 of the Pneumatic Tyres and Tubes (Quality Control) Order, 2009, a Committee under Sub clause (f) has finalized a list of 612 tyre sizes and types not manufactured domestically. Those tyres are designated to be imported by Original Equipment Manufacturers (OEMs) for sale in the replacement market through their authorized dealers. The memorandum supersedes the prior O.M. of even number dated 23.09.2014 and encloses the list (also published on the Department website).

Notification procedure for semiconductor wafer fabrication units under section 35AD: eligibility, approval and maintenance conditions govern tax benefit entitlement.
The rules prescribe that an applicant seeking notification of a semiconductor wafer fabrication unit as a specified business under section 35AD must apply in Form No. 3CS to the Central Board of Direct Taxes, which may issue deficiency letters, require additional documents or information, allow time for cure, and either notify approval for Gazette publication or reject/declare the application invalid with reasons. The Board may later withdraw approval for cessation, non-genuine activity, non-compliance with section 35AD or these rules, or withdrawal of prior administrative incentives. The assessee must maintain separate books for the unit and file timely returns to claim the deduction.

Substantial government financing test: government grant must constitute a majority of institutional receipts to qualify under clause 23C.
A new rule states that a university, educational institution, hospital or similar institution is considered substantially financed by the Government for any previous year if the Government grant to that institution exceeds fifty percent of its total receipts for the relevant previous year, with total receipts including any voluntary contributions.

Income-tax exemption for regulatory commission: specified public funding and fees exempt subject to non-commercial and filing conditions.
Notification under section 10(46) exempts specified income of the Karnataka Electricity Regulatory Commission for financial years 2014-2015 to 2018-2019, comprising grants and loans from the Government of Karnataka, statutory fees, and interest from investment, subject to conditions that the Commission shall not engage in commercial activity, its activities and the nature of specified income remain unchanged during the year, and it files its return of income as required by clause (g) of sub-section (4C) of section 139.

Deduction under Section 35AC: specified institutions' projects approved for limited-period tax-deductible contributions.
Notification under Section 35AC designates thirty-five specified institutions and approves particular projects or schemes recommended by the National Committee for Promotion of Social and Economic Welfare, identifying estimated project costs and the maximum amounts allowable as deductions. Approval is limited to a three year period commencing with the financial year 2014-15; deductibility under Section 35AC is available only for payments to the notified institutions for the approved projects up to the specified ceilings during that period.

Anti-dumping duty on clear float glass imports from Pakistan, Saudi Arabia and UAE with specified producer-specific rates.
Imposes definitive anti-dumping duty on Clear Float Glass (4-12 mm, BIS 14900:2000) originating in or exported from Pakistan, Saudi Arabia and UAE following designated authority findings of dumping and material injury; duties are specified by producer/exporter and country combinations in a duty table, payable in Indian currency with exchange rate determined per Ministry of Finance notifications, reflective and tinted glass excluded, effective for five years from Gazette publication.