Foreign currency translation option allows adding exchange differences to asset cost or amortising via translation reserve.
Provision permits an enterprise, for specified accounting periods, to irrevocably elect retrospective treatment for exchange differences on long term foreign currency monetary items: differences related to acquisition of depreciable capital assets may be added to or deducted from asset cost and depreciated over the asset's remaining life; other differences may be accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortized over the remaining term but not beyond the transitional cutoff. Previously recognized profit and loss amounts must be reversed to asset cost or transferred to the Translation Difference Account with offset to general reserve, and disclosure of the option and unamortized amount is required.

Tariff value fixation: substituted table sets tariff values for specified palm oils, soybean oil, brass scrap and poppy seeds.
The Board, invoking sub-section (2) of section 14 of the Customs Act, substituted the Table in Notification No. 36/2001 Cus (N. T.) to prescribe tariff values in US$ per metric tonne for specified imports, listing crude and refined palm oils, palmolein variants, crude soybean oil, brass scrap (all grades) and poppy seeds, with most edible oil entries unchanged and explicit values specified for brass scrap and poppy seeds.

Anti-dumping duty amendment replaces a named exporter entry, altering the listed entities subject to the measure.
The Central Government amended Notification No. 45/2006 Customs on anti dumping duty for viscose rayon filament yarn by substituting, in the notification table, the entry in column (7) against serial number 2 with "M/s Yibin Hiest Fibre Limited Corporation," thereby modifying the specific named entity listed under the anti dumping measures without changing other substantive provisions.

Research expenditure approval enables donations to LEPRA Society to be tax-eligible subject to audit and reporting conditions.
LEPRA Society, Secunderabad is approved under section 35(1)(ii), read with Rules 5C and 5E, as an 'other Institution' partly engaged in research from 1 April 2007, conditional on utilization of sums for scientific research by faculty or enrolled students, maintenance of separate research accounts, audit by a prescribed accountant with submission of the audit report by the income-tax return due date, and a certified statement of donations and amounts applied for research to accompany the audit report.

Non-competitive bidding facility reserved for retail participation alongside a uniform price auction for re-issued government securities.
Re-issue auction of a dated Government security will be conducted by the Reserve Bank of India by a price-based uniform price auction; competitive bidders pay the weighted uniform price plus accrued interest with results and payment dates set by the Bank. A Non-Competitive Bidding Facility reserves up to five percent of the notified amount for eligible retail and institutional investors, subject to eligibility, single-bid limits, intermediary submission rules, pro rata allocation if oversubscribed, and SGL-form issuance. Intermediaries must allocate securities transparently, may charge limited service fees, and comply with reporting requirements to the Reserve Bank.

Government securities auction uses uniform-price method with reserved non-competitive retail allocation and prescribed settlement, allotment, and transfer rules.
The re-issue of dated Government Stock will be sold by a uniform-price auction through the Reserve Bank of India, with payment by successful bidders on the date of re-issue including accrued interest from original issue. Up to five percent of the notified amount is reserved for non-competitive bids from eligible investors who submit a single bid through a sponsoring bank or primary dealer; non-competitive allotment is at the weighted average yield/price from competitive bidding and is subject to pro rata allocation if oversubscribed. Securities are issued in SGL form and sponsors must transfer holdings to clients within the prescribed timeframe.

Double taxation avoidance: Treaty allocates taxing rights between contracting states and provides relief and exchange mechanisms.
Notification implements the Agreement and Protocol under Section 90, applying treaty provisions from the fiscal year following entry into force; it identifies covered taxes, extends to substantially similar future taxes, and requires mutual notification of major tax-law changes. The treaty allocates taxing rights by income category, defines residency and permanent establishment rules and thresholds, limits source-state withholding on dividends, interest and royalties subject to effective-connection exceptions, and prescribes relief by residence-state tax credit. It establishes a mutual agreement procedure, an exchange of information regime with confidentiality safeguards, a limitation-of-benefits rule, and procedures for entry into force and termination.

Jurisdictional reclassification: Central Excise divides Chandigarh into two jurisdictions, reallocating districts and appellate coverage.
Amendment creates distinct Chandigarh-I and Chandigarh-II jurisdictions and substitutes entries across Tables I, IA, II and III of the principal Central Excise notification to reallocate specified Punjab districts, tehsils and parts of the Union territory of Chandigarh between the two jurisdictions, omits certain prior serial entries, and revises Commissioner of Central Excise (Appeals) listings to reflect two Chandigarh appellate commissionerates each covering Chandigarh-I, Chandigarh-II, Jammu and Kashmir and Ludhiana. The amendment is made under sub-rule (2) of rule 3 of the Central Excise Rules, 2002 and comes into force from the first day of April, 2009.

Prohibition on export of pulses extended, maintaining exclusion for Kabuli Chana under the Foreign Trade Policy.
Prohibition on export of Pulses (except Kabuli Chana) is extended by substituting Para 3(i) of the earlier notification, exercising powers under Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 and the Foreign Trade Policy, 2004-2009, to continue the export prohibition up to 31.3.2011, issued in the public interest.

Exchange rate determination for customs: new separate import and export currency conversion rates now govern valuation.
The Central Board of Excise and Customs has superseded a prior notification and determined separate conversion rates for specified foreign currencies into Indian rupees for import and export goods; the annexed Schedules set per unit rates (and a per 100 unit convention for Japanese Yen) with distinct columns for imported and exported goods, the new rates applying prospectively except as to past actions under the earlier notification.

Anti-dumping duty on imported Vitamin E from China continued to address dumped pricing and protect domestic industry.
Imposition of anti-dumping duty on imports of synthetic Vitamin E (excluding natural forms) from the People's Republic of China is continued after a review finding dumped imports with substantial margins and likely injury to a fragile domestic industry. The duty is calculated as the difference between a specified reference amount and the landed value of imports, applies to defined tariff sub headings and specifications (with pro rata treatment for other concentrations), and is payable in Indian currency for a prescribed period, with exchange rate and valuation rules set by reference to the Customs Act.

Anti-dumping duty on hexamine imports from Iran continued to counter dumped imports and protect domestic industry for five years.
The Central Government, acting on the designated authority's review findings that imports of Hexa Methylene Tetramine from Iran are dumped and cause substantial injury to the domestic industry, imposes continued anti dumping duty on Hexamine originating in or exported from Iran. The duty is specified per metric tonne in US dollars for calculation, applies irrespective of specification or exporter/producer, is effective for five years from publication unless earlier modified, and must be paid in Indian currency with exchange rate conversion governed by the Government's Customs Act notifications and the bill of entry date.

Income-tax forms for AY2009-10 updated: new ITR 1 to ITR 8 and ITR V substituted, effective 1 April 2009.
The Central Board of Direct Taxes issues Income tax (9th Amendment) Rules, 2009 effective 1 April 2009, amending the Income tax Rules, 1962 by substituting revised ITR forms in Appendix II-Forms ITR 1 through ITR 8 and ITR V-and updating specified dates in rule 12; the substituted forms include eligibility rules, filing modes, annexure less filing requirement, schedules for income, deductions, tax computation, TDS/UTN reporting, TRP procedures and verification requirements for the assessment year.

Anti-dumping duty on cathode ray colour television picture tubes from Indonesia imposed; margins specified by tube size and exporter.
Provisional anti-dumping duty is imposed on cathode ray colour television picture tubes originating in or exported from Indonesia, calculated as the difference between specified per-piece benchmark amounts and the landed value. Duties apply under sub-heading 8540 11 and are differentiated by tube size, by specified producer or other exporters, and by country of export as listed in the Table. "Landed value" is the assessable value under the Customs Act excluding certain duties, and the notified rate of exchange on bill of entry date governs currency conversion.

Correction of designation: 'Notification No. 01/2009-Service Tax' reclassified as 'Order No. 01/2009-Service Tax' effective March 26.
The Office of the Chief Commissioner of Central Excise issued a corrigendum (Order No. 02/2009-Service Tax) dated 26th March, 2009 correcting the caption in Notification No. 01/2009-Service Tax dated 27th February, 2009: the reference "Notification No. 01/2009-Service Tax" is amended to read "Order No. 01/2009-Service Tax," recorded under file C. No. IV/16/294/2008 CC CEx. (BZ).

Provisional anti-dumping duty on flax fabric imports imposed, defined as the difference between reference amount and landed value.
Provisional anti-dumping duty is imposed on Flax fabric imports under tariff heading 5309 from the People's Republic of China and Hong Kong, with rates equal to the difference between prescribed reference amounts and the landed value of imported goods as set out in the notification table. The duty is payable in Indian currency, effective up to and inclusive of 25th September, 2009, and "landed value" means assessable value under the Customs Act excluding specified customs duties.

Provisional anti-dumping duty imposed on fully drawn polyester yarn imports, with producer-specific duty rates and temporary applicability.
Provisional anti-dumping duty is imposed on fully drawn or fully oriented polyester yarn (tariff item 5402 47 00) from China, Vietnam and Thailand based on preliminary findings of dumping and material injury. The notification sets producer- and exporter-specific duty rates per metric tonne in US dollars, provides fallback rates for other combinations and non-subject-country movements, prescribes use of government exchange rate notifications for calculation, and makes the duties effective until 25 September 2009.

Customs notification amendment postpones effective date for duty exemptions and rates, extending prior deferment in public interest.
Amendment to Notification No. 21/2002-Customs substitutes the effective date in the proviso to clause (f), deferring the applicability of exemptions and effective rates of basic and additional customs duty across Chapters 1 to 99; the Central Government exercised its powers under sub-section (1) of section 25 of the Customs Act, 1962, citing public interest and published the change by Notification No. 28/2009-Customs as a further amendment to the principal notification.

Premature redemption of special government security reduces aggregate redemption amount and adjusts outstanding stock accordingly.
An amendment authorizes premature redemption of part of the non interest bearing IDBI Special Security by substituting a lower aggregate redemption amount with reallocations across two financial years and by revising the nominal outstanding stock figure of the Special Security in the earlier notification.

Tax exemption under section 35AC: midday meal program notified as eligible, extension granted and project cost increased.
The Central Government, under section 35AC of the Income-tax Act, notifies the "Mid Day Meal Program run by the Akshayapatra Foundation" as an eligible project and extends its period of eligibility for three years beginning with financial year 2009-2010. The notification follows the National Committee's recommendation and amends the previously notified maximum project cost, substituting the earlier stated amount with an increased authorised cost for the extended period.