Exemption under Section 10(23C)(iv) shields income for Indo US Science & Technology Forum, subject to application, investment and filing conditions.
Income received by any person on behalf of Indo US Science & Technology Forum is exempt from inclusion in the recipient's total income for assessment years 2004-2005 to 2006-2007, subject to conditions: application or limited accumulation of income for the Institution's objects, permitted modes of investment, exclusion of non-incidental business income unless separately accounted, regular filing of returns, and transfer of surplus/assets on dissolution to a like-minded organization; notification applies only to receipts on behalf of the Institution and not to other recipient income.

Prohibition on specified securities contracts restricts non spot dealings, allowing limited when issued and ready forward transactions for designated entities.
No person shall enter into contracts for sale or purchase of Government securities, gold related securities and money market securities other than spot delivery or exchange traded contracts; when issued contracts in Government securities are permitted only to scheduled commercial banks, Primary Dealers and other RBI permitted persons under RBI specified terms. Ready forward contracts in corporate debt are prohibited, while ready forward contracts in Government securities are allowed only to specified SGL/Gilt account holders and designated financial entities, must be settled through SGL/Constituent SGL accounts, and must comply with SEBI and RBI rules and notifications.

Tariff value notification fixes import valuation rates for edible oils and brass scrap under customs powers.
Amendment substitutes the Table in the principal customs notification, fixing tariff values in US dollars per metric tonne for listed commodities-crude palm oil, RBD palm oil, other palm oils, crude and RBD palmolein, crude soybean oil, and brass scrap (all grades)-for import valuation under the Customs Act and cites the principal notification and its prior amendment.

Customs exemption for subbed polyester base enabling manufacture of medical, industrial X ray and graphic art films.
The Central Government amends the miscellaneous exemption notification to insert a Table entry exempting subbed polyester base imported by M/s Hindustan Photo Films Manufacturing Company Limited, Udhagamandalam, when used for the manufacture of medical or industrial X ray films and graphic art films, by specifying nil duty for the described goods and importer.

Appointment of Part-time Member: Chief Economic Adviser designated to serve as SEBI part-time member under statutory appointment powers.
The Central Government, exercising statutory appointment powers and the Rules on terms and conditions, designates the Chief Economic Adviser, Department of Economic Affairs, Ministry of Finance, as a Part-time Member of the Securities and Exchange Board of India under the appointment clause of the SEBI statute.

Customs notification amendment updates designated Chief Commissioners and preventive customs postings, altering specified jurisdictional entries.
Customs notification amendment substitutes the Table entries against S. No. 32 (columns (2) and (3)) in Notification No. 39/2005-Customs (NT), designating specific Chief Commissioner posts and Customs (Preventive) offices and thereby modifying the administrative allocation recorded in the principal notification.

Anti-dumping duty on acrylonitrile butadiene rubber imports from Chinese Taipei imposed, payable in Indian currency under exchange rate rules.
Anti-dumping duty is imposed on acrylonitrile butadiene rubber (NBR) imports falling under sub-heading 4002 59 following a designated authority review that found continued dumping from Chinese Taipei and material injury to the domestic industry; the duty applies according to specified origin, export, producer and exporter entries and is expressed per metric tonne in a foreign currency but shall be paid in Indian currency using the notified rate of exchange determined on the bill of entry date.

Import policy amendments tighten licensing and exemptions for vehicles, GMOs, ODS products, sandalwood, blood, boric acid and aircraft.
Amendments to Schedule I (Imports) revise licensing notes and import policies: Chapter 87 exempts imports of new vehicles for certification, defence and R&D (R&D vehicles unregistered and not for road use; land locked origin shipments treated as exported from manufacture country with tracking); Sandal Wood imports made restricted under a new Chapter 44 licensing note; ODS containing products require DGFT licensing under ODS Rules; GMO/LMO and genetically modified food/feed imports require GEAC/RCGM approvals and declaration on consignments; metallic waste governed by Handbook provisions; human blood imports allowed for individual diagnostic/therapeutic use with ICMR referral for biomedical imports; boric acid for non insecticidal use requires Central Insecticide Board permit; aircraft import exemptions extended to listed entities, others need DGFT licence; certain vehicle and aircraft rubber articles are restricted.

Foreign Trade Policy notification incorporates Annual Supplement and takes effect, updating export-import regulatory provisions.
Notifies Foreign Trade Policy, 2004-2009 under statutory notification power, incorporating the Annual Supplement updated on 7 April 2006, and declares the policy effective from 1 April 2006; issued by the office responsible for foreign trade administration.

Charitable income exemption for amounts received on behalf of a foundation, subject to accumulation, investment and filing conditions.
Exemption applies to amounts received by any person on behalf of Swadeshi Jagaran Foundation for the specified assessment years, conditional on application or permissible accumulation of income for institutional objects with a limited accumulation period for excess amounts, investment only in forms specified for charitable funds, business income being incidental and separately accounted, regular filing of income-tax returns, and transfer of surplus assets on dissolution to a like-minded organization. The exemption is limited to recipients acting on behalf of the Institution and does not affect taxation of the Institution's own income.

Exemption under Section 10(23C)(iv) excludes income received on behalf of a religious institution, subject to compliance conditions.
Income received by any person on behalf of Shri Chitrapur Math, Bangalore shall not be included in that person's total income for assessment years 2005-2006 to 2007-2008 under the notification invoking Section 10(23C)(iv), subject to conditions: application or limited accumulation of income, restricted modes of investment, exclusion of non-incidental business income unless separately accounted, regular filing of returns, and transfer of surplus/assets on dissolution to an organisation with similar objectives.

Exemption under section 35AC extended for specified rural development projects through a notified scheme, enabling continued tax-deductible support.
The Central Government specifies a multi-village rural development project carried out by Srinivasan Services Trust as an eligible project for tax exemption under section 35AC for a further three-year period, following prior notifications, expansion of project villages, and a recommendation by the National Committee, and does so without any change to the approved estimated cost.

Tax exemption for integrated rural development renewed for SEWA Rural, extending eligible project status with funding unchanged.
The Central Government specifies SEWA Rural's Integrated Rural Development project as an eligible scheme for Income Tax exemption for three years from financial year 2005-2006, covering health and medical services for rural poor and tribals, vocational training for ages 15-35, income generation activities for women, promotion of gramodyog, and assistance for low cost housing, without change to the approved estimated cost and corpus fund, following prior extensions and a National Committee recommendation.

Tax exemption under section 35AC extended for ASHRAYA rehabilitation project, specified as eligible for a further period.
The Central Government has re-specified ASHRAYA's home/rehabilitation centre for physically handicapped female children in Kollam, Kerala as an eligible project for exemption under section 35AC for a further three years commencing from the financial year 2005-2006, on the National Committee's recommendation that the scheme is being properly executed. The specification is confirmed without any change to the approved estimated cost of Rs.20.18 lakhs and implements the rule-based mechanism for extending eligibility of social welfare projects.

Exemption under section 35AC: eligible status for Kanoria Hospital project extended, maintaining approved cost and tax relief eligibility.
Exemption under the Income-tax Act is extended to the Kanoria Seva Kendra project for construction, equipment purchase, mobile van procurement, furnishing and operation of Kanoria Hospital and Research Centre at Gandhi Nagar, Gujarat, with no change to the approved estimated cost, following the National Committee's recommendation and specifying the project as eligible for a further three year period commencing from the stated financial year.

Section 35AC project designation extended, continuing tax-exempt status for Kai. Mohan Thuse Netra Rugnalaya for three years.
Specification under section 35AC renews the designation of housing for doctors, nurses and essential staff and provision of instruments, equipment and furniture for Kai. Mohan Thuse Netra Rugnalaya, Narayangaon, Pune, as an eligible project for income-tax exemption for a further three-year period commencing financial year 2005-2006, without any change to the approved estimated cost and corpus fund, following recommendation by the National Committee under rule 11M.

Exemption under section 35AC: project for enhancing socio-economic status of disabled extended for a further three-year period.
The Central Government specifies NASEOH's project for enhancing the socio economic status of disabled in Ahmedabad as an eligible project for tax exemption, extending its specified period for a further three years commencing with financial year 2005-2006, on the recommendation of the National Committee for Promotion of Social and Economic Welfare and without change to the approved estimated cost and corpus fund.

Exemption under Section 35AC: Pain Relief Centre project specified for a three year eligibility extension commencing 2005-06.
Exemption under section 35AC is applied to the equipment and operation of the Pain Relief Centre (SATSEVA) run by Care India Medical Society at Bhavani Peth, Pune, with the Central Government specifying the scheme as an eligible project for a further three-year period commencing in the financial year 2005-2006 and retaining the previously approved estimated cost and corpus fund.

Exemption under section 35AC extended for hospice construction; allowable project cost ceiling increased and eligibility renewed.
The construction, equipment and furnishing of a 50 bed hospice by Bangalore Hospice Trust is re specified as an eligible project for tax deduction for a further three years beginning with financial year 2005-2006; the National Committee recommended the extension and the notification increases the maximum project cost ceiling in the original notification, thereby amending the allowable deduction cap for the project.

Exemption under section 35AC extended for a specified charitable construction project, preserving its approved estimated cost.
The Central Government specifies the construction and development project undertaken by Rashtrotthana Parishat-encompassing school and hospital buildings, residential quarters, roads, swimming pool, stadium, interior decoration, furnishing and purchase of furniture-as an eligible project under Section 35AC for tax exemption, extending its specification for a further three years from the financial year 2005-2006 on the recommendation of the National Committee and without change to the approved estimated cost.