Charitable exemption under section 10(23C)(v) conditioned on exclusive application of income and prescribed investment modes.
Notification under section 10(23C)(v) recognises Diocese Chandigarh for specified assessment years provided it applies or accumulates income wholly and exclusively to its objects, limits investments or deposits to modes specified in subsection (5) of section 11 (excluding voluntary contributions retained as jewellery or furniture), and excludes business income unless incidental to objectives with separate books maintained.

Electronic bill of entry procedure enables electronic lodging and computerised assessment with signed printouts required for customs clearance.
Regulations prescribe an electronic bill of entry process for imports by air at Delhi Airport: authorised persons submit cargo declarations and supporting documents at service centres or via NIC; data entry is complete when the Customs Computer System accepts the electronic declaration; the proper officer completes computerised assessment; authorised persons must obtain, sign, and present printed assessed bills and originals of payment and import documents for examination and clearance; original bill print-outs are retained by the proper officer while duplicate and triplicate copies are returned to the importer.

Section 35AC eligibility extended for school for mentally disabled children, maintaining project status under tax exemption rules.
Central Government notification under section 35AC extends the specification of the scheme of running a school for mentally retarded children by Sabarkantha Charitable Trust as an eligible project for a further period of three assessment years, the National Committee having recommended the extension under the Income-tax Rules; the extension is specified to commence from the assessment year 1996-97 and identifies project locations and an estimated project cost.

Section 35AC eligibility extended for International Stadium project, extending tax-exempt status for further assessment years.
The Central Government notifies the International Stadium project executed by the Greater Cochin Development Authority as an eligible project or scheme under the Income-tax Act, following a National Committee recommendation, and specifies its eligibility for a further two assessment years commencing from the assessment year 1996-97 at an estimated project cost of one thousand lakhs.

Section 35AC amendment raises the approved project ceiling for Karnataka Badminton Association under the notification.
Under Section 35AC and the Explanation thereto, the Central Government issued an amendment to Notification S.O. 740(E) (12 October 1994) by S.O. 823(E) (29 September 1995) replacing the maximum approved project cost figure in the notification's table for the Karnataka Badminton Association; the amendment is limited to substituting a higher approved ceiling for that association's project cost in the specified column.

Correction to income tax notification: table entry amended to replace a stated monetary figure with an increased figure.
Corrigendum to S.O. 15(E) dated 11th January, 1994 (published in the Gazette) directs that at page 4, against serial number 12, in column (4) of the Table the previously stated monetary figure be read as a higher monetary figure; published as S.O. 822 (E) dated 29th September, 1995 by the Ministry of Finance (Department of Revenue).

Specified mutual fund schemes under Section 194K: government lists SBI and GIC plans affecting unitholder payment treatment.
The Central Government, under clause (iii) of sub section (2) of section 194K of the Income tax Act, specifies particular SBI and GIC mutual fund schemes as schemes to be regarded for purposes of the plan of payment of income to unitholders, listing SBI schemes described by minimum return assured and post dated cheques and GIC schemes with stated subscription periods and redemption dates.

Imported goods transhipment now requires application, customs seals, a securing bond, and a per-application fee.
Regulations require an application and manifest identification for transhipment, allow specified transport modes, and subject motor-vehicle transhipment to the Commissioner's written permission with reasons and opportunity to be heard. A bond-single or general, with or without surety-is required to secure completion of transhipment or transfers between modes; non-production of a transfer certificate within the allowed period leads to forfeiture equal to the value or market price of the goods. A transhipment fee is charged and customs must seal containers or durable bags, with sealing costs borne by the declarant, transporter or custodian.

Exchange rate determination: revised export currency conversion rates take effect, superseding prior notification and prescribing new schedules.
Determination of exchange rates for export goods under the Customs Act: the Central Government, exercising statutory powers, prescribes the rate of exchange for specified foreign currencies into Indian rupees for export purposes, superseding the earlier notification and setting the applicable conversion rates in two appended schedules (unit rates in Schedule I and 100-unit rates in Schedule II) to be applied from the commencement date stated in the instrument.

Exchange rate determination for imported goods: prescribed foreign currency rates govern stamp duty and customs valuation effective October
The Central Government prescribes rates of exchange for conversion between specified foreign currencies and Indian rupees for calculating stamp duty and for customs valuation of imported goods, superseding the earlier notification; the rates set out in Schedule I and Schedule II shall apply from the stated commencement date and constitute the operative conversion factors for stamp duty computation and customs valuation.

Specified bonds under Section 80L: taxable secured redeemable nonconvertible bonds designated for prescribed tax treatment.
Central Government designates a specific issue of secured, redeemable, non convertible bonds issued by the Northeastern Electric Power Corporation Limited for the purposes of Section 80L, identifying the instruments by denomination, stated taxable coupon, seven year tenure, distinctive number ranges and aggregate quantum so that that tranche is treated within the statutory specification under the provision.

Tax-free bond specification under section 10(15)(iv)(h) exempts REC bonds from income tax, subject to registration with issuer.
Statutory exemption provision specifies a series of 9.35% tax-free bonds issued by a designated public power-sector issuer, identified by distinctive numbers and denomination; the tax exemption is conditional upon the bondholder registering their name and holding with the issuing corporation.

Tax exemption under section provision granted conditionally to a sports federation subject to application and investment limits.
The Central Government notifies the Federation of Motor Sports Club of India, Madras, under clause (23) of section 10 for assessment years 1995-96 to 1997-98, conditioned on application or accumulation of income in conformity with subsections (2) and (3) of section 11 as modified by clause (23), limitation to prescribed modes of investment or deposit (with specified exceptions for certain voluntary contributions), prohibition on distributing income to members except as grants to affiliated bodies, and non-application to business profits unless incidental to objects with separate books maintained.

Tax-free bonds specified: secured redeemable non-convertible bonds issued with tax exemption subject to holder registration.
Central Government specifies 10.5% per annum Tax-free Secured Redeemable Non-convertible Bonds under item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961, authorising a tax exemption for interest on such secured, redeemable, non-convertible bonds. The notification identifies distinctive serial ranges, sets the face value at one thousand rupees each and conditions the exemption on the holder registering name and holding with the issuing corporation.

Customs exemption amendment updates beneficiary entry for notified imports under the integrated guided missile development programme notification.
Amendment to a customs exemption notification substitutes S. No. 55 in the annexed Table of Notification No. 257/92 Customs with the entry "Enpro Secan India Private Limited, New Delhi." The Central Government, invoking powers under sub section (1) of section 25 of the Customs Act, 1962 and citing public interest, issued Notification No. 150/95 Cus dated 26 September 1995 to effect this change for imports connected with the Integrated Guided Missile Development Programme.

Tax-free bond specification conditions exemption on holder registration for specified secured redeemable non-convertible bonds.
Central Government specifies certain Power Grid Corporation secured redeemable non-convertible bonds as tax-free under item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, identifying the issue by distinctive numbering and unit value; the exemption is admissible only if the bondholder registers his name and holding with the issuer.

Specified bonds under section 80L: long-term taxable POWERGRID bonds designated for income-tax recognition under the Act.
Central Government specifies a class of taxable secured redeemable non convertible bonds for purposes of the income tax law under clause (ii) of sub section (1) of section 80L, identifying the instruments by tenor, taxable status, security, non convertibility, denomination and serial numbering and formally designating that issuance as within the statutory category.

Exchange rate amendment fixes Australian Dollar conversion for export valuation under customs notification, effective late September 1995.
Amendment to the customs exchange rate schedule substitutes the Schedule-I entry for serial No. 15 to prescribe a revised exchange rate for the Australian Dollar for purposes of export goods valuation under the referenced customs notification, and declares that the substituted rate is effective from the stated date.

Exchange rate for imported goods updated: Australian dollar rate notified under Indian Stamp and Customs Acts.
The Central Government, invoking the Indian Stamp Act and the Customs Act, amends Notification No. 48/95 NT Cus. by substituting serial No. 15 in Schedule I to revise the exchange rate entry for the Australian Dollar, and specifies the effective date for the revised rate to be used in customs valuation of imported goods.

Exchange rate adjustment for export goods: Swedish Kroner rate specified under amendment, affecting Customs valuation for exports.
An amendment substitutes Schedule I serial No. 13 to specify the exchange rate for Swedish Kroner as the operative foreign-currency conversion for export valuation and related Customs purposes, altering Notification No. 49/95-NT-Cus. and taking effect from the date stated in the amendment.