Income-tax Rules amendment increases the monetary limit in Form 52A, changing the prescribed threshold effective next fiscal year.
Exercising powers under Section 295 of the Income-tax Act, 1961, the Income-tax (3rd Amendment) Rules, 1999 substitute the prior monetary figure in Appendix II, Form No. 52A of the Income-tax Rules, 1962 with a higher specified figure, and specify the amendment's commencement at the start of the applicable fiscal period.

Approval under section 36(1)(viii) conditions tax recognition on housing finance firms' filings and reserve maintenance.
Approval is granted to Vijaya Home Loans Ltd., Bangalore for tax recognition under section 36(1)(viii) for assessment years 1998-99 to 2000-2001, conditional on carrying on long-term residential housing finance as the main object, annual submission of audited accounts and a deduction statement before the return filing due date, creation and maintenance of the required special reserve, and fulfillment of all other statutory conditions.

Audit Report Requirement under section 80HHBA: Form 10CCAA mandates certified audit, separate accounts and expense apportionment for housing projects.
The amendment prescribes Form No. 10CCAA as the audit report to be furnished for claims under the housing project tax provision, requiring the auditor to certify that separate accounts are maintained for the World Bank aided, globally tendered housing project, that expenses and common costs are appropriately charged or apportioned, that proper books and returns exist at head office and branches, and that the financial statements give a true and fair view; any negative answers or qualifications must state reasons and the report must be signed by a qualified auditor.

Place of Public Worship designation under section 80G limited to repair and renovation, subject to monetary and time limits.
Central Government specifies Adhanoor Sri Renganathaswamy Temple as a place of public worship for purposes of the Income-tax Act provision permitting deductions for donations; the notification limits eligibility to repair and renovation works, caps the eligible expenditure at Rs. 16,70,000, and provides that the specification ceases to be effective after 31-3-2002.

Customs amendment changes tariff entry for refined sugar, altering the exemption/tariff treatment for those imports.
The Central Government amends Notification No. 23/98-Customs by substituting the Table entry for serial number 10: the entry in column (4) is replaced with "20%", thereby altering the tariff/exemption treatment for refined sugar, including white crystal sugar and raw sugar.

Inland container depot amendment: Madurai permitted for unloading imported goods and loading export goods under customs notification
Amendment adds Madurai as an inland container depot in Tamilnadu, explicitly authorising the unloading of imported goods and the loading of export goods by inserting a new sub-entry (ia) in the Table to the cited customs notification.

Modvat credit expansion allows deemed duty credit for yarn, fibres and processed textile fabrics with transitional dates.
The amendment broadens Modvat credit eligibility by treating spinning, weaving or knitting and specified processed textile fabrics of cotton or man-made fibres as inputs on a deemed basis under paragraph 7B, and inserts transitional paragraph 7C granting independent processors credit for listed final products manufactured prior to specified dates if cleared on or after those dates.

Excise rule amendment expands textile coverage and shifts monthly compliance deadline, also adding knitting to manufacturing scope.
The amendment revises rule 96ZQ to add processed textile fabrics of cotton or man made fibres within specified textile headings, moves the advance monthly compliance deadline from the 5th to the 15th of each calendar month, and expands Explanation I to include knitting alongside spinning and weaving of fabrics.

Exemption limitation: Independent fabric processors with heat-setting facilities excluded from excise exemption; transitional saving applies.
The notification amends prior excise exemption provisions to deny exemption to independent processors primarily engaged in factory processing of cotton or man-made fibre fabrics when their factory includes a facility for heat-setting by power or steam in a hot air stenter and they lack proprietary interest in spinning, weaving or knitting factories operating under a levy-and-collection scheme; a transitional saving preserves exemption for fabrics manufactured before 13 January 1999 but cleared on or after that date.

Annual capacity determination rules expanded to cover additional processed textile fabrics and to include knitting in explanatory provisions.
The amendment substitutes tariff references in rule 2 to include processed textile fabrics of cotton or man-made fibres falling under specified Schedule headings and replaces Explanation III to add "knitting of fabrics" alongside spinning and weaving; the rules are designated the 1999 Amendment and come into force on 13th January, 1999 under the Central Excise Act, 1944.

Processed textile fabrics inclusion expands central excise notification coverage; knitting expressly added to fabric operations.
Amendment broadens the notification's scope by substituting the earlier tariff reference with an explicit inclusion of processed textile fabrics of cotton or man-made fibres falling under specified headings, affecting paragraph 1 and clause (c) of paragraph 2; it also amends Explanation II to add knitting to the listed fabric-producing operations alongside spinning and weaving.

Excise exemption scope expanded for processed textile fabrics, with transitional clearance allowed for pre-amendment manufacture.
The notification amends the exemption by substituting paragraph 1 to include processed textile fabrics of cotton or man-made fibres under specified tariff headings, inserts a transitional clause allowing clearance of such fabrics manufactured before the amendment but cleared on or after the effective date, and expands Explanation II to include knitting alongside spinning and weaving.

Nomination in shareholding: prescribed form and eligibility rules govern nominee designation and company discharge.
The amendment prescribes Form 2B as the mandatory nomination form, limiting nominations to individuals holding or applying for shares/debentures (singly or jointly up to two persons), requiring nominee particulars and guardian details for minors, excluding non-individual nominators and nominees, and making transfer or repayment to a nominee a valid company discharge. It also prescribes Form 4A as the declaration of solvency for buy-back, requiring directors to affirm the company's ability to meet liabilities for one year, attach a detailed assets and liabilities statement (Annexure I), confirm up to date audited accounts filing, and verify the declaration before an authorized officer.

Central Excise Rules amendment updates administrative allocation of Commissioners by omitting and inserting specified subitems.
Amendment to the Central Excise Rules omits specified subitems and inserts new subitems enumerating additional Commissioner of Central Excise designations, revising the roster of commissioners; it is titled the Central Excise (First Amendment) Rules, 1999 and commences on publication in the Official Gazette.

Approval under section 36(1)(viii): tax reserve status subject to main-object, annual audited filings and maintenance of special reserve.
Approval is granted to Vysya Bank Housing Finance Ltd. under section 36(1)(viii), subject to conditions: the company must continue to have as its main object long-term finance for residential housing; annually submit audited profit and loss account and balance-sheet with a statement of the deduction claimed by the due date for filing the return of income; create and maintain the special reserve required under the Act; and fulfill all other conditions of the provision.

Customs exemption for cross-border passenger buses provides duty relief for buses, spares and fuel subject to re-export conditions.
Exemption from customs duty and specified additional levies applies to passenger buses and their spares, fuel and consumables imported from Pakistan or Bangladesh under the relevant bilateral bus service agreements, provided the bus is re-exported within a temporary period, accompanying spares and consumables are intended for operation or repairs and unused items and fuel are re-exported; the competent authority may extend the prescribed re-export period in the public interest.

Customs appointment for specified purposes: Ennore Port permitted to handle construction imports and loading, and ammonia.
Amendment substitutes the Ennore Port entry to authorise unloading of imported ammonia and construction material/equipment for construction of a new port at Ennore, and loading of imported construction material/equipment for that port's construction, thereby limiting the port's appointment under the notification to these specified handling functions.

Transfer instrument requirement: counter receipts tradable on OTCEI must be effected using Form 7BB under amended rules.
The substituted provision in rule 5A requires that an instrument of transfer for counter receipts permitted to be traded on the Over the Counter Exchange of India must be executed in Form 7BB, and the amendment takes effect on publication in the Official Gazette.

Customs exemption scope expanded to cover goods for manufacture of iron or steel, specifying nickel product tariff classifications.
Amendment to Notification No. 12/97-Cus substitutes, against serial No. 14A, the phrase "for use in the manufacture of iron or steel" in column (2) and replaces item (f) to specify charge nickel/nickel oxide sinter under sub heading 7501.20 and unwrought nickel under sub heading 7502.20 of the First Schedule as the goods covered.

Exchange rate notification: revised rupee equivalent for euro prescribed, effective imminently under Customs and Stamp Act authority.
Central Government, exercising powers under the Indian Stamp Act and the Customs Act, amends Notification No. 102/98-NT-Cus by adding a Schedule I entry designating the euro and prescribing an exchange rate of 50.04 rupees per euro, effective from 7th January, 1999, for application to export goods valuation under the notification.