Annuity plan specification under section 80C designates specified LIC annuity plans as eligible for tax consideration from the stated assessment year.
The Central Government, under clause (xii) of sub-section (2) of section 80C, notifies that New Jeevan Dhara, New Jeevan Dhara-I, New Jeevan Akshay, New Jeevan Akshay-I and New Jeevan Akshay-II, as filed with the insurance regulator, are the annuity plans of the Life Insurance Corporation to be treated as annuity plans for the purposes of the clause for assessment year 2006-07 and subsequent assessment years.

Specification of Unit Linked Insurance Plan under section 80C qualifies LIC Mutual Fund ULIP for assessment years starting 2006-07.
The Central Government, exercising powers under clause (xi) of sub section (2) of section 80C of the Income tax Act, 1961, specifies the Unit Linked Insurance Plan (formerly Dhanraksha 1989) of the Life Insurance Corporation Mutual Fund for the purposes of that clause for the assessment year 2006 07 and subsequent assessment years by Notification No. 224/2005 dated 3 11 2005.

Tax deduction under Section 80C: National Savings Certificates specified as eligible for deduction for future assessment years.
The Central Government, under clause (ix) of sub section (2) of section 80C of the Income tax Act, specified the National Savings Certificates (VIII Issue) issued under the Government Savings Certificates Act, 1959 as qualifying savings certificates by Notification No. 223/2005 dated 3 11 2005, applying to the assessment year 2006 07 and subsequent assessment years.

Public Provident Fund specified under Section 80C as qualifying deduction for subsequent assessment years by government notification.
The Public Provident Fund established under the Public Provident Fund Scheme, 1968 is specified by government notification as qualifying for deduction under clause (v) of sub-section (2) of section 80C of the Income-tax Act for the assessment year 2006-07 and subsequent assessment years.

Income-tax rule amendments expand approval guidelines to include specified capital-issue clauses and update approval forms.
Amendments to the Income tax Rules, 1962 amend rules 20 and 20A to insert references to designated capital issue clauses and substitute the Explanation in rule 20 to define eligible issue of capital by cross reference to the Explanation to the relevant capital issue clauses. Appendix II is amended: Form No. 59's heading and item 7 are revised to reference the designated clause and require confirmation of conformity with the Act's infrastructure facility definition; Form No. 59A's heading and item 9 are similarly amended.

Investment pattern requirements impose prescribed allocations to government securities, high grade instruments and trustee managed pools with valuation and concentration limits.
Prescribes a revised investment pattern for investible moneys under rule 67(2), effective 1 April 2005, allocating minimum portions to Central Government securities or dedicated government securities mutual funds; to State Government and government guaranteed securities; and to investment grade instruments of public financial institutions, public sector companies or banks, TDRs of public sector banks and approved collateral instruments, with a trustee managed residual allocation. Provisos address transitional reinvestment, tradable portfolio limits with mark to market and NAV valuation, single fund exposure caps, limited corporate investments subject to investment grade ratings, and rating triggered exit and reinvestment rules.

Renewal of recognition: trading permitted only after settlement guarantee fund operationalisation approved by regulator as condition.
Renewal of recognition is granted to Cochin Stock Exchange Limited under the Securities Contracts (Regulation) Act for the period 8 November 2005 to 7 November 2006, subject to the condition that the Exchange shall commence trading only after operationalisation of Settlement Guarantee Fund/Trade Guarantee Fund duly approved by SEBI, and subject to any further prescribed or imposed conditions.

Import restriction: Tetra-ethyl lead classified as restricted; other items free; tetra-methyl lead import restricted.
Amendment to Schedule I revises import policy entries: Tetra-ethyl lead (Exim code 29310030) is designated Restricted, the residual code for Other (29310090) is Free, and import of tetra methyl lead is expressly restricted, thereby updating classification level policy conditions under the Foreign Trade Policy.

Charitable status notification under section 10(23C)(iv): Voluntary Health Association granted exemption subject to specified compliance conditions.
Notification grants tax-exempt status to the Voluntary Health Association of India for specified assessment years provided it applies income wholly and exclusively to its objects, limits investments to permitted modes, treats business income as incidental only if separate books are maintained, regularly files income-tax returns, and on dissolution transfers surplus and assets to an organisation with similar objectives.

Tax exemption under section 10(23C)(v): institution must apply income exclusively and comply with investment, accounting, dissolution conditions.
Notification under section 10(23C)(v) notifies Chief Khalsa Diwan, Amritsar, as qualifying for tax-exempt status for assessment years 2003-04 to 2005-06, conditional on applying income wholly to its objects, restricting investments to forms permitted by section 11(5) (except certain voluntary contributions), excluding business income unless incidental with separate books, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a like-minded organization.

Designated currencies: deposit acceptance limited to regulator designated currencies and to term deposit form specified by regulator.
Deposits may be accepted only in currencies designated by the Reserve Bank from time to time, and such accounts may be opened only as term deposits with maturities specified by the Reserve Bank from time to time; the amendment to Schedule 2 takes effect from July 26, 2005, with a clarification that retrospective effect will not adversely affect any person.

Tariff value revision for edible oils and brass increases import valuation under customs notification framework
The notification substitutes the tariff-value table in Notification No.36/2001 Cus(N.T.) with a new table fixing updated tariff values in US dollars per metric tonne for specified edible oils and brass scrap, thereby prescribing the tariff values to be used for customs import valuation of the listed commodities.

Charitable exemption notification: Guruvayur Devaswom recognised subject to income application, investment limits, accounting and dissolution conditions.
Notification confers a charitable exemption on Guruvayur Devaswom for specified assessment years conditional on applying or accumulating income wholly to its objects; restricting investments to modes permitted for trust funds (except voluntary contributions maintained as jewellery or furniture); excluding business income unless incidental and maintained in separate books; regular filing of income-tax returns; and transfer of surplus and assets on dissolution to an organisation with similar objectives.

Charitable exemption notification: Guruvayur Devaswom recognised subject to income application, investment limits, business accounting and dissolution transfer.
Notification recognises Guruvayur Devaswom under the charitable exemption for the specified assessment years conditional on: applying or accumulating income exclusively for its objects; restricting investments to modes specified in section 11(5) except certain voluntary contributions; excluding business income unless incidental and kept in separate books; regular filing of income tax returns; and, on dissolution, transferring surplus and assets to an organisation with similar objectives.

Approval under Section 35(1)(ii) for scientific research association status, subject to separate accounts and audited certificates.
Approval is granted to K.J. Research Foundation as a scientific research association under Section 35(1)(ii), subject to maintaining separate accounts for research, submitting audited Income and Expenditure accounts to the tax authority by the later of the return filing due date or within ninety days of the notification, and enclosing an auditor's certificate specifying donor-eligible research receipts and certifying that expenditures were for social science or statistical research.

Customs notification amendment adds a specific cross border conveyor belt description affecting an export oriented unit's infrastructure.
The Central Board of Excise and Customs amends Notification No. 63/94-CUSTOMS(N.T.) by inserting entry (d) in the table against serial number 2, column (3) item (52), column (4), describing the seven-kilometer elevated conveyor belt of M/s. Lafarge Umiam Mining Private Limited, a hundred percent export oriented unit, originating from the crusher site and passing along a specified strip of land through named villages, crossing the Zero Point between specified boundary points to Mantrikhal Village of Bangladesh.

Exchange rate determination for export goods sets prescribed currency conversion rates and supersedes prior notification.
The Board, exercising powers under the Customs Act, fixes specified conversion rates for listed foreign currencies into Indian currency and vice versa, effective from the stated implementation date, as set out in two appended schedules replacing the earlier notification; the rates apply for purposes of valuation and other export-related conversions governed by the cited statutory provision.

Exchange rate determination for imported goods establishes specified foreign currency to rupee conversion rates effective from 1 November 2005.
The Board, exercising powers under the Customs Act, supersedes the prior notification and, with effect from 1 November 2005, prescribes specific foreign currency to Indian rupee conversion rates set out in Schedule I (per unit rates for listed currencies) and Schedule II (rate for 100 units of Japanese Yen) for purposes of import valuation and other customs conversion requirements.

Public financial institution designation: Punjab State Industrial Development Corporation added to the notified list under the Companies Act.
The Central Government, under sub section (2) of section 4A of the Companies Act, 1956, specifies the Punjab State Industrial Development Corporation Limited to be a public financial institution by amending the principal Gazette notification (S.O. 1329 of 8th May, 1978) to insert a new serial entry identifying the Corporation in the notified list of public financial institutions.

Extension of free export status for Muli bamboo under ITC(HS); amendment to Schedule 2 alters export policy.
Amendment to ITC(HS) Schedule 2 directs that the export-policy entry in Chapter 14 be read as free until the newly specified date and that Note No.2 in Chapter 44 be read to state that Muli Bamboo (Melocanna baccifera) is freely exportable up to that same date, with details referenced to Chapter 14; the change is made under powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act and relevant Foreign Trade Policy provisions and is issued in the public interest.