Leave encashment exemption under section 10(10AA) limits tax-free cash equivalent for retirements after a specified date.
The Central Government, under sub-clause (ii) of clause (10AA) of section 10 of the Income Tax Act, specifies a ceiling as the maximum amount receivable by employees as cash equivalent of leave salary at the time of their retirement, whether by superannuation or otherwise, for the purpose of exemption under that provision; the specification applies to employees retiring after a specified date.

Customs exemption amendments: substitution of commodity descriptions to revise scope of listed exempted goods under tariff tables.
Amendments substitute and correct commodity descriptions in specified Table entries of earlier customs exemption notifications under section 25(1) of the Customs Act, narrowing or replacing listed items-for example reducing an entry to Polishing Machine and revising component descriptions including potentiometers, connectors, switches, relays, tape deck mechanisms, heat sinks, cassettes, TV tuners, gas discharge tubes, plates, dicing blades, moulding powder, and lead tabs.

Anti-dumping duty applicability narrowed: SBR 1500 and 1700 series from specified countries excluded from exemption.
The amendment inserts a proviso excluding imports of SBR in the 1500 and 1700 series from the exemption: SBR of those grades originating in or exported from the United States, Taiwan, Turkey, Korea and Japan and imported into India are not covered by the notification's exemption and therefore remain subject to the anti-dumping duty framework under the Customs Tariff Act and associated rules.

Concessional duty amendment on medical equipment updates eligible items, substituting and omitting specified implants under central excise rules.
Amendment revises the list of medical equipment eligible for concessional central excise duty by substituting item (19) with "Keratoprosthesis/orbital implants" and omitting items (139) and (142), thereby changing which medical devices qualify for the notification's concessional duty treatment under existing central excise authority.

Renewal of recognition for a stock exchange granted under securities regulation, subject to specified regulatory conditions.
Renewal of recognition of a regional stock exchange is granted under the securities regulation framework for a fixed one year period, subject to specified conditions set out in the regulator's contemporaneous communication and subject to any additional conditions that may be specified or imposed subsequently.

Corrigendum to notification: textual correction replacing an incorrect subparagraph reference to restore prescribed clause numbering.
Corrigendum to G.S.R. 555(E) dated 26-7-2001: at page 9, line 13 the subparagraph reference "(h)(i)" is replaced with "(i)(i)" to correct the published text.

Tax exemption notification conditions require exclusive application of income, prescribed investments, separate business accounts and asset transfer on dissolution.
Notification under clause (23C)(iv) of section 10 authorizes Punjab Kesari Club, Mumbai for specified assessment years subject to conditions: income must be applied exclusively to its objects; investments restricted to forms permitted by section 11(5) (excluding certain voluntary contributions held as jewellery, furniture, etc.); business income is excluded unless incidental and maintained in separate books; regular filing of returns is required; and on dissolution surplus and assets must go to a like charitable organisation.

Tax exemption under section 10(23C)(iv) confirms charitable status for the association subject to specified operational and dissolution conditions.
Notification under section 10(23C)(iv) notifies St. John Ambulance Association, New Delhi, as eligible subject to conditions: apply income wholly and exclusively to objects or accumulate for that purpose; restrict investments to forms in section 11(5) (except certain voluntary contributions); exclude business income unless incidental and maintained in separate books; regularly file income-tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.

Notification under clause 10(23C)(iv): recognition granted to trust subject to conditions on income application, investments and returns.
Notification recognizes the Krishna Gopal Ayurvedic Dharmarth Aushodhalya Trust under clause (23C)(iv) of section 10 for specified assessment years, conditional on exclusive application or lawful accumulation of income, restricted investment modes as per section 11(5), exclusion of non-incidental business income unless separately accounted, regular filing of income-tax returns, and transfer of surplus assets on dissolution to a like-minded charitable organization.

Notification under clause (23C)(iv) confirms tax-exempt status subject to application of income to charitable objects and compliance conditions.
The Central Government notified Southern Health Improvement Samity under clause (23C)(iv) of section 10 for assessment years 1998-99 and 1999-2000, subject to conditions: apply or accumulate income solely to charitable objects; restrict investments to forms permitted by section 11(5) (excluding certain voluntary contributions retained as jewellery or furniture); exclude business income unless incidental with separate books; file income-tax returns regularly; and on dissolution transfer surplus and assets to a similarly purposed charitable organisation.

Drawback rates for exports updated, subject to procedural compliance, exclusions, CENVAT non availment conditions and composite article rules.
Drawback rates effective 1 June 2002 are prescribed in an annexed Table and apply only if procedural conditions under rules 11-13 of the Drawback Rules, 1995, are satisfied. The rates are not applicable to exports from customs warehouses, exports against certain Advance Licences, hundred percent EOUs, FTZ/EPZ/SEZ units, exports under specified Central Excise Rules or DEPB schemes, except limited concessions; where not listed, rates may be fixed on application. Rates are inclusive of packing, subject to minimum payable thresholds, CENVAT non availment certification requirements (with specified exceptions), CKD/SKD valuation rules, and provisions for accessories and composite articles.

Amendment to SEBI notification substitutes member entry, appointing Shri Dhirendra Swamp as Additional Secretary under SEBI Act.
Pursuant to powers under the Securities and Exchange Board of India Act, 1992, the Central Government substitutes the entry at serial number 2 in the cited notification, naming Shri Dhirendra Swamp as Member and Additional Secretary, Ministry of Finance, Department of Economic Affairs, by ministry notification dated 28 May 2002.

Exchange rate determination sets conversion rates for specified foreign currencies for export valuation, effective from June first.
Exchange rate determination for export goods prescribes specific conversion rates for listed foreign currencies for export valuation under the Customs Act, partially superseding a prior notification. Two schedules set operative rates: Schedule I for per unit currency rates and Schedule II for the rate per one hundred units of Japanese yen, and the notification specifies the effective date from which these rates apply.

Exchange rate determination prescribes conversion rates for specified foreign currencies for import valuation under section fourteen of the Customs Act.
Determination under the Customs Act fixes the official rate of exchange for specified foreign currencies for import valuation, superseding the earlier notification insofar as it related to exchange rate powers; two appended schedules prescribe per unit conversion rates for listed currencies and a per hundred unit rate for Japanese Yen, to apply from the stated effective date.

Tax exemption for charitable foundation granted subject to income application, investment limits and business accounting safeguards.
The India Polo Promotion Foundation, Mumbai is notified under clause (23) of section 10 for assessment years 1998-99 to 2000-01, subject to conditions: apply or accumulate income per section 11(2) and (3) as modified by clause (23) for charitable objects; restrict investments and deposits to forms/modes permitted by section 11(5) and Board notifications (excluding certain tangible voluntary contributions); do not distribute income to members except grants to affiliated bodies; and exclude business profits unless incidental to objectives with separate books maintained.

Land route designation: Shella Bazar route appointed for export only, amending customs route description.
The Central Government amends the notification under section 7 of the Customs Act to appoint the land route from Pyrkan through Pharangkaruh (near B.P. No. 1231 S) to Bastola in Bangladesh at Shella Bazar Land Customs Station and restricts that route only for the purpose of export of all goods from India, substituting the corresponding Table entry for Bangladesh.

Tax approval for infrastructure enterprise subject to compliance and audit reporting requirements and conditional withdrawal on noncompliance.
Approval is granted to M/s Viraj Agro Products (P) Ltd for tax exemption treatment under section 10(23G) read with rule 2E for its bulk liquid storage terminals at Jawaharlal Nehru Port, subject to conformity with the statutory provisions. The approval may be withdrawn if the enterprise ceases the infrastructure activity, fails to maintain and audit books of account as required by sub rule (7) of rule 2E, or fails to furnish the required audit report.

Approval under section 10(23G) grants tax-exempt status to an infrastructure enterprise subject to compliance and audit conditions.
Approval under section 10(23G) is granted to an enterprise operating an infrastructure facility at a port, conditional on compliance with the statute and rule 2E, including maintenance of books, audit by an accountant and furnishing of the required audit report; the Central Government may withdraw approval if the enterprise ceases the facility or fails the accounting and audit obligations.

Disclosure of overdue payments to small scale industrial undertakings requires companies to name creditors with interest outstanding after the prescribed period.
The Schedule VI alteration requires that, under "CURRENT LIABILITIES AND PROVISIONS," the name(s) of small scale industrial undertaking(s) to whom the company owes any sum together with interest outstanding for more than thirty days must be disclosed in the balance sheet; the notification takes effect on publication in the Official Gazette.

Research exemption approval requires separate research accounts, annual scientific returns by May and audited accounts with renewal filings.
M/s Diabetes Research Centre Foundation is approved as an Association for research deduction purposes for 1 April 2001-31 March 2004, subject to maintaining separate research books, filing an annual scientific research return with the Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited income & expenditure accounts for research to designated tax and DSIR authorities by 31 October each year; renewal applications must be filed in triplicate through the tax authority and sent in three copies to the DSIR.