Renewal of recognition under the Securities Contracts (Regulation) Act granted to a regional stock exchange, subject to conditions.
Renewal of recognition is granted to The Uttar Pradesh Stock Exchange Association Limited under the Securities Contracts (Regulation) Act for a one year period, following an application for renewal and on the satisfaction that renewal is in the interest of trade and the public; the renewal is subject to such conditions as may be prescribed or imposed thereafter.

Option to file Form 2F enables certain resident individuals and HUFs a simplified return without tax computation or proof.
A new proviso permits a resident individual or Hindu undivided family to elect to file a simplified return in Form 2F where the total income excludes business or professional income, capital gains, and agricultural income; no relief under section 89 for arrears or advance salary is claimed; and the assessee does not own more than one house property. Returns in Form 2F need not be accompanied by a tax computation statement or proof of tax deducted at source, advance tax, or self-assessment tax.

Annuity plan designation: Jeevan Akshay III declared eligible for tax deduction under section 80C(2)(xii).
The Central Government specifies the Jeevan Akshay III Plan of the Life Insurance Corporation of India as an annuity plan for the purposes of Section 80C(2)(xii) of the Income tax Act, 1961, applying to assessment year 2006 07 and subsequent assessment years, based on the plan as filed by LIC with the Insurance Regulatory and Development Authority.

Default in duty payment requires paying excise duty per consignment without using CENVAT credit until arrears and interest cleared.
Where an assessee defaults in payment of excise duty beyond thirty days from the due date, the assessee must pay excise duty for each consignment at the time of removal without utilizing CENVAT credit until the outstanding amount and interest are paid; failure to comply will result in goods being deemed cleared without payment and applicable consequences and penalties.

Tariff valuation updated: specified import values set for edible oils and brass scrap as customs benchmarks.
The Board, invoking powers under the Customs Act, substituted the Table in Notification No.36/2001-Cus (N.T.) with a new Table specifying tariff values in US dollars per metric tonne for crude palm oil, RBD palm oil, other palm oil, crude palmolein, RBD palmolein, other palmolein, crude soybean oil, and brass scrap (all grades) as the operative import valuation benchmarks.

Customs Tariff Amendment adds infant food subheading for cocoa-containing preparations, prescribing a specified import duty rate.
Amendment inserts a new tariff entry 41A under heading 1806 90 classifying food preparations for infant use with specified cocoa content thresholds: (i) goods of headings 0401-0404 with totally defatted cocoa at 5%-

Provisional anti-dumping duty on imported silk fabrics from China imposed, specifying product scope, exporters and calculation basis.
Provisional anti-dumping duty is imposed on silk fabrics (heading 5007) from China, calculated as the difference between specified per metre amounts by fabric type and weight-range and the landed value of imported goods; the notification lists covered tariff items, named producers and exporters, non-sampled and other exporters, requires payment in Indian currency, and defines "landed value" and applicable rate of exchange for calculation.

Service tax exemption for central bank: taxable services to, by, and received by the bank are relieved from levy.
Exempts taxable services connected with the Reserve Bank of India from service tax: services provided to the Reserve Bank; services provided by any person to the Reserve Bank when the Reserve Bank is statutorily liable to pay the tax; and services received in India from outside India by the Reserve Bank. The exemption supersedes the earlier notification and was issued under the Finance Act as a public interest taxation exemption.

Charitable income exemption for amounts received on behalf of a welfare society, subject to accumulation, investment and reporting conditions.
Notification under Section 10(23C)(iv) exempts from the recipients' total income any amounts received on behalf of The Hindu Women's Welfare Society for the specified assessment years, subject to conditions: application or limited accumulation of income (with excess accumulation over fifteen per cent limited to five years), permitted modes of investment, exclusion of business income unless incidental with separate books, regular filing of returns, and transfer of surplus on dissolution to a similar-object entity; the exemption is confined to receipts on behalf of the Institution and does not decide the Institution's own taxability.

Continuation of anti-dumping duty extended on zinc oxide following sunset review recommendation, maintaining duty pending review outcome.
The Central Government, acting on a sunset review recommendation to extend anti-dumping measures, amends the earlier customs notification to insert a paragraph that keeps the anti-dumping duty on zinc oxide from China effective up to and inclusive of the specified date in April 2007, thereby extending the duty pending the outcome of review investigations under the Customs Tariff framework.

Anti-dumping duty on white cement continued pending sunset review, with government extending the duty until completion of investigations.
The Central Government, exercising powers under section 9A of the Customs Tariff Act and rule 23 of the Anti dumping Rules, has amended the prior notification to extend the anti-dumping duty on white cement originating in or exported from specified countries, making the duty effective up to and inclusive of the stated extended date pending completion of the sunset review investigations.

Effective date set for commencement of amendment treating certain goods as deemed manufacture under Central Excise law.
Appoints the effective date for commencement of the amendment to deem certain goods as manufacture for Central Excise, invoking clause (b) of section 66 of the Finance Act, 2006, and designating the date on which that provision becomes operative; the amendment concerns parts of automobiles, a plant growth regulator and toothbrushes.

MRP valuation updated: prescribed percentage values set for automobile parts, plant growth regulator and toothbrush.
Amendment to the Central Excise valuation TABLE prescribes MRP-based valuation percentages for parts, components and assemblies of automobiles, plant growth regulator, and toothbrush by exercise of powers under section 4A of the Central Excise Act, 1944, with the prescribed percentages becoming effective from the notified commencement date.

Acquisition thresholds require acquirers with substantial holdings to make a public offer before further increasing control.
The amendments redefine promoter and promoter group with specified corporate, familial and associated-entity inclusions and carve-outs for financial institutions, banks, FIIs and mutual funds. They institute "qualifying promoter" terminology for listing-related provisions and clarify non-impact on listing requirements. Critically, an acquirer holding a substantial majority but less than a super-majority, together with concert parties, must make a public announcement before acquiring further shares; special higher thresholds apply for companies listed after offering a specified public portion. Consolidation of holdings that risks breaching minimum public shareholding must occur via public offer, with prohibitions on market or negotiated purchases during the offer period and specified minimum public offer sizing.

Renewal of recognition: exchange authorization conditioned on final approval of a settlement guarantee fund before trading resumes.
The renewal authorizes the Bhubaneswar Stock Exchange Limited to operate as a recognized exchange for a one year term, but prohibits commencement of trading until final regulatory approval is obtained for the establishment of a Settlement Guarantee Fund or Trade Guarantee Fund, making activation of trading rights contingent on that compliance requirement.

Exchange rate determination for exports set new statutory conversion rates effective June first, impacting valuation under customs law.
The Board fixes statutory exchange rates for conversion between specified foreign currencies and Indian rupees for export goods valuation, effective 1 June 2006, superseding the prior April 25 notification. Schedule I sets rupee equivalents for one unit of specified currencies; Schedule II sets the rupee equivalent for 100 units of Japanese Yen. The rates in the appended schedules are prescribed as the applicable conversion rates under the Customs Act authority.

Exchange rate determination sets new conversion rates for specified foreign currencies for import valuation effective immediately.
The Board, exercising statutory Customs authority, prescribes that the exchange rate for each foreign currency listed in the appended schedules shall be the rate shown against that currency for conversions into Indian rupees and vice versa for import valuation and related customs purposes, effective 1 June 2006. Schedule I supplies rates per one unit of foreign currency and Schedule II supplies a rate per one hundred units, and the notification supersedes the prior April 2006 exchange-rate notification.

Adjudication authority delegated to Commissioner of Customs, Tughlakabad to decide a specified show cause notice concerning M/s Garg Concast Ltd.
The Central Board of Excise and Customs, under section 4(1) and section 5(1) of the Customs Act, 1962, authorizes the Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi to exercise the powers and discharge the duties of the Commissioner of Customs, Custom House, Chennai for adjudicating the show cause notice issued to M/s Garg Concast Ltd and others as per the DRI reference.

Adjudicating authority appointment: Commissioner delegated to Chennai to hear show cause notice concerning M/s Pioneer Exports.
The Central Board of Excise and Customs, under section 4(1) of the Customs Act, 1962, appoints the Commissioner of Customs, Kanpur to act as Commissioner of Customs (Port Imports), Customs House, Chennai for adjudicating matters relating to the show cause notice issued to M/s Pioneer Exports and others by the Additional Director General, DRI Lucknow Zonal Unit (F.No.: DRI/LZU/SEIZ/41/2005 dated 22 February 2006) by Notification No. 58/2006 (N.T.).

Appointment of Adjudicating Authority under the Customs Act - Commissioner designated to adjudicate a specified DRI-issued show cause notice.
The Central Board of Excise and Customs, exercising powers under section 4(1) of the Customs Act, appoints the Commissioner of Customs (General), New Customs House, Mumbai to act as Commissioner of Customs (Imports), JNPT, Nhava Sheva for adjudication of the show cause notice issued to M/s Technical Associates Limited, including the corrigendum, thereby designating that Commissioner to exercise jurisdiction and adjudicatory functions in respect of those proceedings.