Customs exemption expanded for fertilizer project imports: partial ad valorem relief replaced with full duty exemption under the First Schedule.
Amendment expands customs relief for fertilizer project imports by replacing the phrase that limited exemption to duty in excess of a specified ad valorem rate with a provision exempting the whole of the duty leviable under the First Schedule, effectuated by textual substitution in the earlier notification under statutory authority.

Specified bonds under section 80L require transferee registered notice within sixty days to claim the tax benefit under notification.
The Central Government specifies the 7-year 17.5 per cent. taxable Secured Redeemable Non-convertible (Series MB-I) Bonds issued by the Tourism Finance Corporation of India Limited as within clause (ii) of sub-section (1) of section 80L; the benefit is admissible on transfer by endorsement or delivery only if the transferee informs the Corporation by registered post within sixty days, and the notification takes effect from 1 April 1993 for the assessment year 1993-94 and thereafter.

Tax exemption recognition for religious institution granted, subject to exclusive income application and specified investment limits.
Central Government notifies Srimajjagadguru Madhawacharya Moola Mahasamsthana Uttaradhi Mutt, Dharwad, Karnataka, for recognition under 10(23C)(v) for assessment years 1990-91 to 1992-93, subject to conditions: income must be applied or accumulated wholly and exclusively to the institution's objects; investments and deposits (except certain voluntary contributions) must be limited to permitted forms; and business income is excluded unless incidental to the objectives and maintained in separate books of account.

Tax exemption under section 10(23C)(v): foundation notified subject to income application, investment limits, and separate books for business.
Notification under section 10(23C)(v) notifies Guru Gobind Singh Foundation, Chandigarh for assessment years 1988-89 to 1990-91 subject to conditions: the foundation must apply or accumulate income wholly and exclusively to its objects; investments or deposits (other than certain voluntary contributions retained in kind) must be only in forms/modes specified in section 11(5); and the notification does not apply to business income unless the business is incidental to the objects and maintained in separate books of account.

Charitable Deduction Eligibility: temple designated as archaeological and public worship place, enabling donations to qualify for tax deduction.
The Central Government notifies Arulmigu Adulya Nadeswarar Temple, Arakanda Nallur, Thirukoilur, as a place of archaeological and artistic importance and as a place of public worship for the purposes of the Income tax Act, thereby classifying the temple to enable application of the tax-related charitable donation framework for notified places of worship and heritage importance.

Approval under section 35D: authorised firm may prepare feasibility, project and market surveys for assessees within fixed period.
Approval is granted to M/s. Chaturvedi and Company to prepare feasibility reports, project reports and conduct market or other surveys for an assessee under section 35D of the Income tax Act, 1961, by Notification No. S.O.2674 dated 18 9 1992, effective from 19 August 1991 to 18 August 1994.

Exemption of factory inputs: duty exempt where inputs are used to manufacture final products cleared under specified notifications.
Exemption of inputs used within the factory exempts from excise duty all excisable goods manufactured in a factory and consumed within that factory for manufacture of final products, when the final products are cleared in accordance with the specified notifications listed in the Schedule. The notification excludes machines and machinery, specified packaging material situations, and packaging whose cost is excluded from assessable value.

Auxiliary duty amendment: omission of an existing Schedule entry and insertion of a new Schedule entry referencing Notification No.273-Customs.
Amendment to Notification No.190/92-Customs deletes serial number 98 and its entry from the Schedule and inserts a new serial number 315 after serial number 314, referencing Notification No.273-Customs; enacted under section 25(1) of the Customs Act, 1962 and section 111(4) of the Finance Act, 1992 as a governmental amendment to miscellaneous exemption notifications concerning auxiliary duty.

Customs duty exemption for gold imports under Export Promotion and Replenishment Scheme enables duty-free import by designated entities.
Gold under the relevant customs tariff heading imported by or on behalf of designated importing entities for supply under the Gold and Silver Jewellery and Articles Export Promotion and Replenishment Scheme is exempted from the whole of customs duty in the First Schedule and from the whole of the additional duty leviable under the Customs Tariff Act; the exemption is issued under the Customs Act and supersedes the earlier notification.

Auxiliary duty amendment adds molybdenum ores and concentrates to customs exemption table, changing levy scope.
Amendment to Notification No. 189/92-Customs inserts a new Table entry, S. No. 14A, adding Molybdenum Ores and Concentrates (chapter 26) to the list of goods affected by the notification, effected by the Central Government under its statutory powers in the public interest.

National Savings Scheme sets 100-rupee minimum deposits, 11% annual interest on lowest monthly balance, four-year withdrawal term.
The National Savings Scheme requires separate yearly accounts at authorised post offices, defines eligible depositors, and deems certain 1987 scheme transfers as deposits. It mandates a minimum deposit of one hundred rupees and multiples thereof. Interest is eleven per cent per annum, calculated monthly on the lowest balance between the close of the tenth day and month-end, credited annually with fractional rupee rounding. Interest may be withdrawn anytime; principal becomes withdrawable after four years from the end of the year of account opening. The scheme prescribes Pass Book use, annual balance confirmation, closure rules, and a government power to relax provisions to avoid undue hardship.

Tax exemption notification: Temple recognised as place of public worship with tax-favourable treatment limited to renovation use.
Notification designates Sri Venkatachalpathy Temple, Cheranmahadevi as a place of historic importance and public worship for section 80G purposes, limited to repair and renovation work to the monetary extent specified in the notification; the temple renovation committee is prohibited from receiving public donations for construction of a community hall for marriages and for Agama Kriya.

Avoidance of double taxation: India-Bangladesh treaty allocates taxing rights, limits source state withholding and provides mutual relief and cooperation.
Convention allocates taxing rights between India and Bangladesh, applies to residents of one or both States, defines residence with tie breaker rules, and taxes business profits only in the State of residence unless attributable to a permanent establishment in the other State. It prescribes specific source state withholding limits for dividends, interest and royalties, addresses special categories of income (immovable property, transport, capital gains, personal services, pensions, students and academics), and implements mutual agreement, information exchange and assistance in collection to prevent fiscal evasion.

Customs amendment broadens covered bearing components to include inner rings, outer rings, and cups or cones.
Amendment substitutes narrower component descriptions in the Table to Notification No. 70/89-Customs: replacing "Inner and outer rings" with Inner rings, outer rings or inner and outer rings (item (a), S. No. 4 and item (b), S. No. 6) and replacing "Cups and cones" with Cups, cones or cups and cones (item (a), S. No. 6), thereby expanding the textual scope of exempted bearing parts.

Customs tariff amendment replaces specified tariff entry with an ad valorem duty for certain imports under notification.
The Central Government, invoking its statutory power under the Customs Act, amended Notification No. 252/90-Customs by substituting the entry in column (4) against Sl. No. 4 in the Table with an ad valorem duty, thereby modifying the tariff entry applicable to specified imports from Bangladesh, Korea and similar sources.

Customs exemption scope: extension to salts and esters of specified bulk drugs, broadening coverage under the notification.
The Central Government, invoking sub section (1) of section 25 of the Customs Act, 1962, amended Notification No. 45/79-Customs by inserting an explanation after the Table declaring that the exemption contained in the notification shall also apply to the salts and esters of the goods specified in the Table, thereby clarifying and expanding the scope of the existing customs exemption relating to bulk drugs.

Tax exemption granted subject to conditions restricting investments, distributions and business income to charitable objects.
Notification grants tax exemption to the Bulsar District Cricket Association for specified assessment years, conditional on applying or accumulating income solely for its objects consistent with sections 11(2) and 11(3) as modified by clause (23); limiting investments to forms in section 11(5) (except certain notified articles); prohibiting distribution of income to members except by grants to affiliated institutions; and excluding business profits unless incidental to objectives with separate accounts.

Tax exemption under clause (23) conditioned on exclusive charitable application, permitted investments, and separate accounting for incidental business.
The Central Government notifies The Federation of Motors Sports Clubs of India, Madras, for exemption under clause (23) of section 10 for assessment years 1992-93 to 1994-95, subject to conditions requiring exclusive application or permitted accumulation of income to declared objects, investment or deposit only in modes specified in section 11(5) (with limited exception for certain voluntary contributions retained as articles), prohibition on distribution of income to members except by grants to affiliated bodies, and exclusion of business income unless incidental and maintained in separate books.

Tax exemption under section 10(23) conditioned on restricted investments, exclusive income application, no member distributions, and business limits.
The Central Government notifies the Pune Tennis Mandal as eligible for tax exemption under clause (23) of section 10 for the specified assessment years, conditional on exclusive application or accumulation of income to its objects, investment of funds only in permitted modes (with limited exceptions for certain tangible voluntary contributions), prohibition on distribution of income to members except grants to affiliated bodies, and exclusion of business profits unless incidental to objects with separate books maintained.

Auxiliary duty notification amendment: adds Notification No.267 to the Customs miscellaneous exemption schedule, expanding exempted entries.
The Central Government amends Notification No. 190/92 Customs by inserting, after Serial No. 313, a new Serial No. 314 referring to Notification No. 267 Customs dated 3rd September 1992, thereby adding that notification to the Schedule of miscellaneous exemption notifications under the statutory powers conferred by the Customs Act and the Finance Act.