Income-tax exemption: All Bengal Women's Union granted clause-based exemption subject to application, investment, business and dissolution conditions.
Central Government notifies All Bengal Women's Union, Kolkata for the purpose of clause (23C)(iv) of section 10 of the Income-tax Act for specified assessment years, subject to conditions: income must be applied or accumulated wholly for the objects; investments limited to permitted modes; exemption excludes business profits unless incidental with separate books; regular filing of returns; and on dissolution surplus and assets must transfer to a similar charitable organisation.

Charitable trust recognition: Sree Padmanabhaswamy Temple Trust granted tax-exempt status subject to conditions on income, investments, business and dissolution.
Trust recognition is granted conditionally: income must be applied or accumulated solely for trust objects; investments limited to permitted modes except specified voluntary contributions; business income excluded unless incidental and separately accounted; regular filing of returns is required; on dissolution surplus and assets must transfer to a charitable organisation with similar objectives.

Tax exemption under section 10(23C)(iv) granted to a charitable trust subject to application, investment and reporting conditions.
Notification under section 10(23C)(iv) designates Shree Gadge Mahar Mission as a notified charitable institution for assessment years 2000-2001 to 2002-2003, conditioned on exclusive application or accumulation of income for its objects, permitted modes of investment under section 11(5) (excluding certain voluntary contribution holdings), incidental business income only with separate books, regular filing of income-tax returns, and transfer of surplus assets upon dissolution to a similarly purposed charitable organisation.

Tax notification under section 10(23C)(v) grants recognition to a charitable fund subject to operational compliance conditions.
Notification under section 10(23C)(v) recognizes the Calcutta Zoroastrian Community's Religious and Charity Fund for specified assessment years provided the fund applies or accumulates income exclusively for its objects, confines investments to modes permitted under section 11(5) (excluding certain voluntary contributions held as chattels), treats business income as non-applicable unless incidental with separate accounting, files returns regularly, and on dissolution transfers surplus assets to a similarly purposed charitable organisation.

Tax exemption recognition under clause (23C)(iv) grants conditional relief to Exhibition Society Hyderabad subject to compliance requirements.
Notification designates Exhibition Society, Hyderabad as eligible for exemption under clause (23C)(iv) of section 10 for specified assessment years, conditional on applying or accumulating income exclusively for its objects; restricting investments to prescribed modes (except voluntary contributions retained in kind); excluding business income unless incidental and separately accounted; regular filing of income-tax returns; and on dissolution transferring surplus and assets to a similarly purposed charitable organisation.

Charitable exemption granted to a rehabilitation fund subject to strict application, investment, business and dissolution compliance.
Notification designates the German Leprosy Relief Association Rehabilitation Fund, Chennai, as eligible for charitable status under section 10(23C)(iv) for assessment year 2001-2002, subject to conditions: apply or accumulate income wholly for its objects; invest only in modes specified in Section 11(5) (except certain tangible voluntary contributions); business profits excluded unless incidental and maintained in separate books; regular filing of income returns; and transfer surplus assets on dissolution to a similar charitable organisation.

Import of Superior Kerosene Oil through State Trading Enterprises authorised; STC nominated for advance licence supplies option.
The amendment authorises import of Superior Kerosene Oil (SKO) through designated State Trading Enterprises and adds Import Licensing Note (2) to Chapter 27, listing IOC, BPCL, HPCL and IBP as authorised STEs and nominating STC for supplies to Advance Licence holders; Advance Licence holders may import SKO from any of the listed STEs including STC, subject to applicable import policy conditions.

Research institution approval under section 35 requires maintenance of separate accounts and annual audited filings to authorities.
Approval is granted to M/s Parshwanatn Vidya Peeth as an Institution under clause (iii) of sub section (1) of section 35 read with Rule 6, subject to maintaining separate books for research, filing an annual scientific research return to the Secretary, Department of Scientific and Industrial Research by 31st May, and submitting annually by 31st October audited annual accounts and audited income & expenditure accounts for research activities to the Director General of Income Tax (Exemptions), the Secretary, DSIR, and the competent Income Tax Commissioner/Director (Exemptions), in addition to the income tax return; renewal applications must be filed in triplicate through the tax exemptions office and sent to the DSIR.

Research institution approval under income tax law requires separate research accounts, annual returns and audited submissions to retain deduction eligibility.
Approval under section 35 recognises M/s Nowrosjee Wadia Maternity Hospital as an Institution eligible for research deductions for 1 April 2001 to 31 March 2004, conditional on maintaining separate research accounts, filing an annual scientific research return to the Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited research income & expenditure statements to designated tax and science authorities by 31 October, in addition to filing the income-tax return; renewal applications must be filed in triplicate through the tax exemption office and directly to the Department.

Exchange rate determination for export goods fixes currency conversion rates for customs valuation and export clearance.
The Board, under section 14(3)(a)(i) of the Customs Act, 1962, supersedes the prior notification and prescribes, effective 1st December, 2003, the rates of exchange for specified foreign currencies for export goods; rates are detailed in two schedules distinguishing unit rates and rates per one hundred units for use in export-related customs valuation and clearance.

Exchange rate determination sets official currency conversion rates for customs valuation, effective from specified date for trade.
The Board determines under section 14(3)(a)(i) of the Customs Act that the exchange rate for each foreign currency listed in the appended Schedules shall be the rate shown opposite it for conversion into Indian currency or vice versa, superseding the prior notification and fixing rates effective from the stated commencement date.

Tax exemption approval under section 10(23G) requires ongoing compliance with rule 2E or approval may be withdrawn.
Approval is granted to M/s Chennai Container Terminal Private Limited for tax-exempt status for specified assessment years for its Chennai Container Terminal development and management project, conditional on conformity with the statutory provision and implementing rule, including maintaining books of account, obtaining an audit by an accountant, and furnishing the required audit report; the Central Government may withdraw approval if the undertaking ceases infrastructure operations or fails these audit and reporting obligations.

Approval under section 10(23G) granted for an infrastructure BOT project, subject to compliance and audit conditions.
Approval is granted to M/s Mahakali Flyover Limited for the purposes of section 10(23G), read with rule 2E, for assessment years 2000-01 to 2002-03 for its six-lane, 1453 metre BOT flyover project on the Western Express Highway. The approval is conditional on compliance with the cited provisions and is subject to withdrawal if the undertaking ceases to carry on an infrastructure facility, fails to maintain books and obtain audits as required by sub-rule (7) of rule 2E, or fails to furnish the mandated audit report.

Tax exemption approval under section 10(23G) granted to an infrastructure BOT project, subject to audit and compliance conditions.
Approval under section 10(23G) read with rule 2E is granted to Emas Expressway Pvt. Ltd. for its BOT project to rehabilitate and widen the Durgapur Expressway. The approval is conditional on compliance with section 10(23G) and rule 2E, and may be withdrawn if the undertaking ceases to operate the infrastructure facility, fails to maintain books and obtain audit, or fails to furnish the auditor's report as required by sub rule (7) of rule 2E.

Tax exemption for notified infrastructure project under section 10(23G) approved, subject to compliance and audit conditions.
Approval is granted to M/s Mapex Infrastructure Pvt Ltd under section 10(23G), read with rule 2E, for assessment years 2002-2003 to 2004-2005 for a BOT project to widen and rehabilitate a stretch of National Highway-2; the approval is conditional on compliance with section 10(23G) and rule 2E and is subject to withdrawal if the undertaking ceases the infrastructure activity, fails required bookkeeping and audit under sub-rule (7) of rule 2E, or fails to furnish the audit report.

Tax clearance authority designation and prescribed forms govern departure clearance, undertakings and acceptance of assessing-officer tax determinations.
The amendment designates the Chief Commissioner or Director-General (or authorised income-tax authorities) as the prescribed authority to issue No-Objection and tax clearance certificates, with Assessing Officers handling certain domiciled-person applications. It prescribes Forms No. 30A to 33 setting out undertakings, no-objection certificates, information returns, applications and clearance certificates including required particulars, validity periods, acceptance of assessing-officer assessments, forwarding obligations and omission of Forms No. 32 and 34.

Regulatory liability for brokers: specified breaches trigger monetary penalties, disciplinary suspension or prosecution under securities law.
Amendments set out a regulatory enforcement framework under which the Board may impose monetary penalties, initiate enquiry proceedings including suspension or cancellation of registration, or pursue prosecution. Monetary penalties apply to specified breaches such as failure to file returns, maintain books, issue contract notes, deliver securities or payments timely, misuse of unpublished price sensitive information, fraudulent trading practices, commingling of client funds, dealing through unregistered intermediaries, and non-compliance with Board directions; separate provisions identify grounds for enquiry-based sanctions and prosecution for serious or criminal violations.

Central database of market participants regulation establishes SEBI's authority to create and govern a centralized registry.
Establishes the Securities and Exchange Board of India (Central Database of Market Participants) Regulations, 2003, issued by notification dated 20 November 2003 under the Board's statutory powers, directing the creation and governance of a centralized database of market participants and identifying the Board as the authority to frame and notify those Regulations.

Audit report requirement for non-resident royalty income now mandates a specified audit form and Appendix insertion under amended rules.
The Income-tax (Twenty-Seventh Amendment) Rules, 2003 insert a new rule requiring audit reports for income by way of royalties etc. received by non-residents (including foreign companies). The audit report to be furnished under the relevant statutory provision must be in Form No. 3CE, and a corresponding Form Annexure is inserted in Appendix II after Form No. 3CD.

Service tax exemption for services paid in convertible foreign exchange, subject to non-repatriation condition, later rescinded.
The central government exempts specified taxable services from the whole of service tax when payment for those services is received in India in convertible foreign exchange, but the exemption does not apply if the payment is repatriated from India or sent outside India; the notification was rescinded effective 15 March 2005.