Section 80L specification: HUDCO taxable bonds designated for deduction eligibility, specifying tenor and coupon rate.
Central Government specifies that 10 year, 13.5% taxable HUDCO Bonds (Series VII) are designated under clause (ii) of sub section (1) of section 80L of the Income tax Act, identifying the bonds by distinctive numbers, face value per bond, aggregate issue size, and naming Housing and Urban Development Corporation Limited as issuer for the purpose of that clause.

Anti-dumping rescission: withdrawal of exemption reinstates anti-dumping duty assessment and injury-determination framework for the article.
The Central Government rescinds Notification No. 19/98-Customs concerning magnesium originating in or exported from China PR, invoking powers under sub-section (2) of section 9A of the Customs Tariff Act, 1975 read with rule 13 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, thereby withdrawing the earlier exemption and reinstating application of the anti-dumping duty assessment and injury-determination framework to the article.

Anti-dumping duty on magnesium from China PR set by difference between reference value and landed value, capped and effective from provisional levy.
Anti-dumping duty is imposed on Magnesium originating in or exported from China PR, calculated as the difference between a specified reference value and the landed value per metric tonne, subject to a maximum cap, with levy effective from the date provisional duty was imposed; "landed value" is defined by reference to the assessable value under the Customs Act excluding specified customs duties.

Delegation of Commissioner powers enables nationwide investigation and adjudication of assigned central excise cases under statutory authority.
The Commissioner of Central Excise, Pune-II is invested with the powers of the Commissioner of Central Excise to be exercised throughout India for investigation and adjudication of cases assigned to him, pursuant to clause (b) of section 2 of the Central Excise Act, 1944 read with rule 4 of the Central Excise Rules, 1944.

Exemption for onions - amendment adds a tariff entry granting duty-free treatment under the customs exemption notification.
The Central Government amends Notification No. 23/98-Customs by inserting a new table entry after serial number 5 to add a tariff description for onions, providing a nil customs duty rate for that entry and thereby extending exemption treatment to onions under the existing miscellaneous exemption notification.

Duty exemption for licence linked imported materials contingent on actual use in exported electronic products and strict verification.
Exemption from customs and specified additional duties is available for materials imported under a Special Advance Licence when covered by an Actual User Duty Exemption Entitlement Certificate, used solely in manufacture of specified resultant electronic export products, and cleared only after submission of technical details and Part I of the certificate. Conditions include execution of a bond securing duties and interest for defaults, maintenance of prescribed import/export records, verification by the Designated Officer against standard input output norms (or officer determined norms), discharge of export obligation within the certificate period or authorised extension, and liability to duty plus interest where conditions are not complied with.

Professional services exemption for practising accountants, company secretaries and cost accountants excludes specified certification and audit-related services.
Professional services rendered by practising chartered accountants, practising company secretaries and practising cost accountants are exempt from service tax when provided in their professional capacity to clients, except for specified certification, auditing, accounting, valuation and regulatory compliance services which remain taxable. Services by these professionals that fall within other defined categories of taxable services, such as management consultancy or manpower recruitment, are not covered by the exemption.

Import controls: Restricted consumer goods require Special Import Licence for permitted imports under amended ITC(HS) classifications.
The notification amends ITC(HS) classifications to designate listed items as Free, Restricted or State Trading, specifying that Free items import without licence though some agricultural seeds remain subject to quarantine, Restricted items require a licence or Public Notice and are often permitted only against a Special Import Licence (SIL) with product-specific conditions, and State Trading items must be imported through designated State Trading agencies and against SIL where indicated.

Prohibition on export of specified wild plants with limited exceptions subject to cultivation certificates, CITES permits and affidavit compliance.
Export of twenty-nine specified plants, plant portions, derivatives and extracts obtained from the wild is prohibited, except for formulations where prohibited-plant material is unrecognizable and physically inseparable. Cultivated varieties may be exported on production of a Certificate of Cultivation from designated forest authorities; certain species also require a CITES permit. Value added formulations from imported plant material may be exported upon affidavit to Customs; false affidavits will invite action under the Foreign Trade (Development & Regulation) Act. Exports under these provisions are allowed only through specified ports.

Deduction under section 80GG now requires a prescribed declaration certifying occupation, rent payment and non-ownership of other residence.
Amendment adds Rule 11B requiring a prescribed declaration as a condition for allowance of the deduction under section 80GG for rent paid on accommodation occupied for self-residence, and inserts a form requiring particulars of occupation period, rent payment and landlord, and certification that no other residential accommodation is owned by the assessee or specified family members.

Approval under section 36(1)(viii) allows G.L.F.L. Housing Finance limited deduction claims subject to compliance conditions.
Approval of G.L.F.L. Housing Finance Limited by the Central Government under section 36(1)(viii) of the Income-tax Act, 1961, is notified for the assessment years 1998-99 and 1999-2000, subject to the condition that the company conform to and comply with the provisions of section 36(1)(viii).

Section 36(1)(viii) approval requires company compliance with statutory conditions to qualify for the tax deduction benefit.
Approval under section 36(1)(viii) is granted to Maharishi Housing Development Finance Corporation Limited, New Delhi, permitting the company to claim the specified income-tax provision for the stated assessment years, subject to statutory conditions and the company's continued conformity with the requirements of section 36(1)(viii).

Approval under section 36(1)(viii) requires the company to conform to statutory provisions for specified assessment years.
Approval is granted to Dewan Housing Finance Corporation Limited for the purposes of section 36(1)(viii) of the Income-tax Act, 1961 for the stated assessment years, and the approval is conditional on the company's conformity and compliance with the provisions of that section.

Approval under section 36(1)(viii) recognises a housing finance company for tax treatment, subject to compliance with statutory conditions.
Approval is granted to Mercantile Housing Finance Limited, Chennai, under section 36(1)(viii) of the Income-tax Act, 1961 for specified assessment years, subject to the condition that the company will conform to and comply with the provisions of section 36(1)(viii).

Tariff amendment for rough ophthalmic blanks modifies customs concession under notification, altering exemption rate and classification.
The central government substitutes the Table entry for serial number 109 in Notification No. 23/98-Customs to classify rough ophthalmic blanks (tariff heading 70.15) for manufacture of optical lenses and to prescribe the applicable customs concession percentage for those goods.

Conditional exemption for goods to UN or international organisations requires pre-clearance certification confirming official use or government-approved project.
Conditional exemption for goods supplied to the United Nations or international organisations requires manufacturers to produce, before the Assistant Commissioner of Central Excise, either proof that goods are for official use by the UN or international organisation, or, for project supplies financed by those bodies, a certificate from an officer not below Deputy Secretary in the concerned nodal Ministry confirming requirement and Government of India approval of the project.

Corrigendum correcting reference date: replacement of a referenced date in a securities notification to restore original date.
The corrigendum directs that the words "dated September 10, 1998" after reference No. SMD/MDP/SK/3 854/97 in sub para (i) of the Gazette notification dated 27th August 1998 (S.O. No. 724 (E)) shall be read as "dated September 10, 1997", thereby correcting the referenced date in the earlier publication.

Presumptive taxation for small retail businesses now mandates turnover, profit and profit ratio disclosure in tax returns.
The rules amend Form No.1 to add section 44AF and insert a new item requiring disclosure by companies engaged in small retail trade of total turnover from such business, profits included in business income and the profit-to-turnover percentage; a follow-up item requires a Yes/No indication if income under the presumptive provisions for business, goods carriage or retail trade is less than the amounts specified. The form also adds a field for tax credit carried forward under section 115JAA and substitutes Part IV item 7 with a consolidated table of Chapter IV deductions.

Exemption eligibility and approvals for charitable institutions and infrastructure enterprises tightened, with prescribed applications and compliance requirements.
Rules amend the Income tax Rules, 1962 to set an annual receipts threshold for non profit educational institutions and hospitals, prescribe the Central Board of Direct Taxes as the authority to approve institutions under clause (23C)(vi)/(via) via Form No.56D with approvals limited to three assessment years, and create a Central Government approval process for enterprises under clause (23G) via Form No.56E requiring incorporation documents, project agreements, prior financial statements, audited books and provisions for withdrawal of approval where compliance or activity ceases.

Permanent Account Number requirement: quote PAN or GIR in specified high-value transactions and file designated forms if absent.
Rules 114B-114D require quoting PAN or GIR in documents for specified high-value transactions, permit GIR where PAN is unavailable, and mandate Form No. 60 when neither number exists. Minors may use a parent's or guardian's PAN/GIR for account opening. Agriculturists and certain non-residents are excepted from section 139A but must file Form No. 61 or supply passport copies respectively for specified transactions. Designated intermediaries must verify PAN/GIR or receive appropriate declarations and forward statements, declarations and passport copies to the Director of Income-tax (Investigation) within one month.