Foreign project definition: hydrocarbon exploration, exploitation, development and production abroad qualifies for deduction under the provision.
The amendment inserts a rule prescribing that, for purposes of the deduction for profits and gains from projects outside India under the relevant deduction provision, any project executing work of exploration, exploitation, development and production of hydrocarbons outside India shall be treated as a foreign project.

Customs exemption for handicraft inputs: duty-free import permitted for registered exporters with EPC certification and prior-export value cap.
The notification adds a duty-exempt tariff entry for specified inputs used in handicraft exports, including electrical lamp parts, hinges, locks, wax items, chemicals/lacquer and motifs, subject to condition 8A. Condition 8A requires that the importer be a manufacturer of handicrafts registered with the Export Promotion Council for Handicrafts, that imports under the exemption do not exceed a value cap linked to the prior year's FOB exports, and that the importer produce an EPC certificate certifying prior-year export value and details of items already imported. The amendment also extends references to include leather and the Leather Export Promotion Council where relevant.

Certificate requirement for Section 80HHB deduction: Form 10CCAH and annexure mandate accountant certification and reserve disclosures.
A new sub rule requires that the accountant's certificate for claiming the deduction on profits from foreign projects be furnished in Form No.10CCAH. The Form requires examination of balance sheet and profit and loss account, confirmation of convertible foreign exchange receipts, certification that amounts credited to the Foreign Project Reserve Account were used only for business purposes other than distributions, and an annexure detailing computation of eligible profits, credits, utilisations and add backs. The certificate must be signed by a qualified chartered accountant or equivalent auditor and must state reasons for any negative or qualified answers.

Customs exemption for mega power projects permitted for supplies upon certification by a senior Ministry of Power officer.
Adds a new clause permitting supply of goods to mega power projects listed in List 33 to Notification No. 20/99-Customs to qualify for imports under the special imprest licence where the project is an inter-state thermal power plant of capacity 1500 MW or more or an inter-state hydel power plant of capacity 500 MW or more, subject to certification by an officer not below the rank of Joint Secretary in the Ministry of Power.

Common Adjudicating Authority appointment designates a Commissioner of Customs to adjudicate Revenue Intelligence show cause proceedings.
Appointment under section 4 of the Customs Act designates the Commissioner of Customs (Air Cargo), New Delhi to act as Commissioner of Customs (Imports), Mumbai for adjudication of show cause proceedings concerning M/s. Nippon Audiotronix Ltd., thereby establishing the proper adjudicating authority for the Revenue Intelligence notice.

Certificate for foreign inward remittance enables tax deduction eligibility after bank and assessee certification under prescribed form.
Amendment inserts rule 29AA and prescribes Form No. 10HA as the certificate under the second proviso to section 80-O. Part A requires a bank certificate detailing remittance mode, remitter and remitting bank particulars, transfer reference, foreign and rupee amounts, exchange rate, purpose of remittance, and RBI-approved reimbursement statement. Part B requires the eligible assessee to declare inward remittance received, whether convertible foreign exchange was brought into India within six months (or an authorised extension), specification of any amounts repatriated beyond that period with competent authority approval, and a certification that the deduction claimed is correctly made.

Specification under section 80L of Income-tax Act: Industrial Development Bank of India Flexibond-4 series bonds specified for tax purposes.
The Central Government specifies, under clause (ii) of sub-section (1) of section 80L of the Income-tax Act, three categories of IDBI Flexibond-4 Series bonds-Regular Income Bonds (IFR 000001-2323135), Growing Interest Bonds (IFG 3000001-3135980), and Educational Bonds (IFE 5000001-5021078)-each of face value five thousand rupees, issued by Industrial Development Bank of India, Mumbai, a corporation established under section 3 of the IDBI Act, 1964.

Tax-free HUDCO bonds specified for income-tax exemption; entitlement conditional on holder registration with issuer.
Specification designates certain 8.75% HUDCO Bonds (Series VIII) issued by the Housing and Urban Development Corporation Limited as qualifying for exemption under the income-tax provision, with the tax benefit conditional upon the holder registering his name and holding with the Corporation.

Tax-free bonds under section 10(15)(iv)(h) are exempt provided each holder registers their holding with the issuer.
The Central Government specifies a 7-year, 8.25% tax-free bond issue by the National Bank for Agriculture and Rural Development as eligible under section 10(15)(iv)(h), identifying series, face value, total amount and distinctive serial numbers; the tax benefit is admissible only if each bondholder registers his name and holding with the issuing bank.

Tax deduction specification: designated bond series qualify for tax benefit under the income tax provision.
Central Government specifies three bond series issued in the Flexibond-4 public issue by Industrial Development Bank of India, Mumbai-Regular Income Bonds (IFR 000001-2323135), Growing Interest Bonds (IFG 3000001-3135980), and Education Bonds (IFE 5000001-5021078)-each of face value five thousand rupees, as qualifying instruments for the benefit under the cited clause of section 80L of the Income-tax Act, 1961.

Amendment to income tax notification: Container Freight Stations now expressly included within Inland Container Depot references.
Amendment revises notification terminology by substituting "Container Freight Station" for "Central Freight Station" and replacing the prior phrase with "Inland Container Depot including Container Freight Stations under the Customs Act, 1962," thereby aligning the notification's facility descriptions with containerised customs terminology under the income tax provision invoked.

Tax exemption under section 10(23C)(iv) recognised for Pune society, subject to income application and investment conditions.
Notification grants tax-exempt status under section 10(23C)(iv) to the Society for Service to Voluntary Agencies, Pune for assessment years 1999-2000 to 2000-2001, provided the society applies or accumulates income exclusively for its objects, confines investments to modes permitted by law (excluding voluntary contributions retained as jewellery or furniture), and excludes business profits from the exemption unless such business is incidental and recorded in separate books of account.

Recognition under section 10(23C)(iv) imposes exclusive income application, restricted investments, and limits on business income.
Notification recognizes Dahej Niwaran Avam Samaj Kalyan Parishad under section 10(23C)(iv) for specified assessment years, subject to conditions: the assessee must apply or accumulate its income wholly and exclusively to its objects; restrict investments and deposits (except certain voluntary contributions in kind) to permitted modes; and business income is excluded unless incidental to objects and maintained in separate books.

Section 10(23C)(iv) tax exemption: conditional recognition of charitable status subject to application, investment and business conditions.
The Central Government notifies Tibetan Homes Foundation under sub clause (iv) of clause (23C) of section 10 for the stated assessment years, subject to conditions: the assessee must apply or accumulate its income wholly and exclusively for its objects; funds may only be invested or deposited in the modes specified in sub section (5) of section 11 except voluntary contributions held as jewellery or furniture; and the notification excludes business income unless the business is incidental and accounted for in separate books.

Canalised maize imports require importation through designated agencies, restricting other maize entry to specified import channels.
The Central Government amends the ITC(HS) classification to designate "Other Maize" as a canalised import under the Foreign Trade Policy, requiring imports to be channelled through designated agencies, specifically the Food Corporation of India and PEC Limited, pursuant to powers under the Foreign Trade (Development and Regulation) Act and relevant policy paragraphs.

Rescission of anti-dumping notification withdraws prior customs measure affecting NBR imports from Japan under tariff authority.
The Central Government, invoking powers under the Customs Tariff Act and the anti-dumping procedural rules, has rescinded Notification No. 159/95-Customs (14 November 1995), thereby withdrawing the prior notification concerning imports of acrylonitrile-butadiene rubber (NBR) from Japan as published in the Gazette.

Anti-dumping duty on Japan-origin NBR continues as imports were found dumped causing material injury to domestic industry.
An anti-dumping duty is continued on Acrylonitrile-butadiene rubber (NBR) originating in or exported from Japan after findings that exporters sold NBR below normal value, causing material injury to the domestic industry; the Central Government, exercising powers under the Customs Tariff Act and the anti-dumping rules, prescribes a remedial duty rate per metric tonne to counteract the injurious effect of dumped imports.

Customs exemption: Mannitol Busulphan preparations added to exempt list, amending prior notification under Customs Act.
Amendment substitutes item (112) in List 2 of the existing customs exemption notification to read "Mannitol Busulphan preparations," thereby expressly including that pharmaceutical preparation among the goods exempted under the referenced notification issued in the public interest.

Exchange rate determination for export goods sets specified currency conversion rates effective from June 1, 1999.
The Central Government, exercising powers under the Customs Act, determines conversion rates for specified foreign currencies into Indian rupees for export goods, superseding an earlier notification; these rates are listed in Schedule I (per unit) and Schedule II (per one hundred units) and operate from the stated commencement date.

Exchange rate determination prescribed for imported goods, fixing conversion rates for customs and stamp duty calculations.
Prescribes conversion rates of specified foreign currencies into Indian rupees for calculating stamp duty under the Indian Stamp Act, 1899 and for conversions under section 14 of the Customs Act, 1962 relating to imported goods, superseding a prior notification and directing that the rates in Schedules I and II apply from the stated commencement date; Schedule I lists per unit rates and Schedule II lists rates per one hundred units.