Export under bond: Punatsangechhu I Hydro Electric Project added to projects eligible for exports to Nepal or Bhutan.
Amends Notification No. 45/2001-Central Excise (N.T.) by substituting in sub paragraph (5) of paragraph 1 the words "Kurichu Hydro Electric Project and Tala Hydro Electric Project" with "Kurichu Hydro Electric Project, Tala Hydro Electric Project and Punatsangechhu-I Hydro Electric Project," thereby adding Punatsangechhu I to the projects covered for export under bond to Nepal or Bhutan, under the powers of rule 19 sub rules (1) and (3) of the Central Excise Rules, 2002.

Special Economic Zone designation for non-conventional energy enables sector-specific solar equipment park through notified land area.
Central Government notifies, under the Special Economic Zones Act, 2005 and SEZ Rules, 2006, a sector-specific Special Economic Zone for non-conventional energy including solar energy equipment/cell at Kanksa, Panagarh, District Burdwan, West Bengal, following grant of letter of approval to M/s Enfield Energy Limited; the notification lists specific mouza and plot/survey numbers and areas, aggregating to 25.00 acres (10.12 hectares), as the notified SEZ area.

Timeframe for foreign contribution reporting extended to within nine months, altering compliance period for regulated entities.
The amendment to the Foreign Contribution (Regulation) Rules replaces the previous requirement to act "within four months" with a requirement to act "within nine months," thereby extending the compliance period for the filing obligation in the specified rule; it takes effect on publication in the Official Gazette.

Special Economic Zone notified for IT and IT enabled services after developer approval under the SEZ Act enabling land designation.
The Central Government, exercising powers under Section 4(1) of the Special Economic Zones Act, 2005 and rule 8 of the SEZ Rules, 2006, notifies specified survey and plot numbers at Village Patia, District Khurda, Orissa, as a Special Economic Zone for information technology and information technology enabled services, following grant of a letter of approval to the developer upon satisfaction of statutory eligibility and related requirements.

Special Economic Zone designation for footwear manufacturing enables notified area status and development under SEZ Act provisions.
The Central Government notifies a sector-specific Special Economic Zone for the footwear sector at Footwear Park, Irungattukottai SIPCOT Industrial Park, Sriperumbudur Taluk, Kancheepuram District, Tamil Nadu, invoking subsection (1) of section 4 of the SEZ Act and rule 8 of the SEZ Rules, 2006; it lists constituent survey numbers and areas totaling 62.22 hectares and records prior grant and transfer of approvals under section 3.

Export prohibition on non-basmati rice under FTP transitional arrangements takes immediate effect, restricting exports under delegated authority.
Prohibits with immediate effect the export of non-basmati rice under the Transitional arrangements of Para 1.5 of the Foreign Trade Policy, 2004-2009, exercised under Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 and Paras 1.3 and 2.1 of the Policy. The notification references earlier restrictions in Notification Nos. 38(RE-2007), 45(RE-2007) and 68(RE-2007) and states the action is taken in public interest by the Director General of Foreign Trade.

Export authorization for stone aggregate and river sand to Maldives subject to environmental clearances and prohibition on CRZ mining.
Amendment authorises annual export of stone aggregate and river sand to the Maldives for 2008-09 by adding a licensing note to Schedule 2; CAPEXIL must ensure suppliers/extractors have appropriate environmental clearances and that river sand is not mined in Coastal Regulation Zone areas where such mining is prohibited.

Import restriction on sandal wood now requires licensing under the relevant licensing note following Schedule I amendment.
Amendment to Schedule I classifies sandal wood (Exim Code 44039922) as Restricted, stating that import is subject to Licensing Note No. 2 of the chapter; the change implements a specific licensing requirement under the ITC (HS) Imports schedule pursuant to the Foreign Trade Policy framework.

Zero coupon bond designation enables specified ten-year NHB bonds to qualify under the Income-tax Act, subject to regulatory conditions.
The Central Government designates the ten-year zero coupon bond of National Housing Bank as specified under clause 48 of section 2 of the Income-tax Act, identifying its ten-year term, issuance by March 31, 2009, ten thousand rupees maturity per bond, discount set by NHB at issue, and issuance of thirty lakh bonds, subject to compliance with specified sub-rules and clauses of rule 8B of the Income-tax Rules, 1962.

Research approval under section 35: tax-deduction eligibility for donations to approved institutions, subject to audit and reporting conditions.
Approval is granted to International Institute of Biotechnology and Toxicology as an institution partly engaged in research for purposes of section 35(1)(ii) read with Rules 5C and 5E, conditional on using received sums exclusively for scientific research carried out by faculty or enrolled students. The institute must maintain separate books of account and a separate statement of donations and research expenditure, have those books audited by a qualified accountant, and furnish the audit report and certified donation statement to the tax authorities by the income-tax return due date; approval may be withdrawn for specified failures or noncompliance.

Reservation removal for small scale manufacturing: specified items derecognised from exclusive reserve list, effective on publication.
The Central Government, under section 29B, directs omission of specified serial numbers from Schedule III listing items reserved for exclusive manufacture in small scale sector, removing those items from reservation; the amendment follows Advisory Committee recommendations and takes effect on publication in the Official Gazette.

Export exemption for wheat flour to Maldives permitted through designated trading corporations under amended foreign trade policy.
The prohibition on export of wheat flour is qualified by an addition providing that the ban shall not apply to a specified quantity of wheat flour exported to the Maldives during 2008-2009, provided those exports are carried out through designated trading corporations; the amendment takes effect immediately and is issued in the public interest as an addition to the prior notification on wheat exports.

Avoidance of double taxation: treaty allocates taxing rights and limits source state withholding while providing anti abuse safeguards.
Treaty provides a reciprocal system to avoid double taxation and prevent fiscal evasion between India and Iceland by defining covered taxes and persons, allocating taxing rights (residence vs source), and prescribing substantive rules for permanent establishments, business profits attribution, and specified income types including dividends, interest, royalties and capital gains. It prescribes withholding limits, credit/exemption relief mechanisms, a limitation of benefits regime with anti abuse safeguards, and administrative cooperation including mutual agreement, exchange of information and assistance in tax collection, with Protocol clarifications and entry into force and termination rules.

Section 36(1)(xii) notification: deductibility for Oil Industry Development Board allowed subject to specified conditions and accounts.
Section 36(1)(xii) notification designates the Oil Industry Development Board under the Oil Industry (Development) Act as a notified institution for deductible expenditures, subject to conditions: expenditures must be for authorised objects, not capital in nature, not eligible under any other Income-tax provision, and must be maintained in a separate account; the notification is prospective from 1 April and does not affect ongoing proceedings for prior assessment years.

Audit expense guidelines require hourly remuneration ranges, panel maintenance, time sheets, and commissioner oversight for audits.
Rule 14B requires Chief Commissioners to maintain panels of eligible accountants for audits directed by assessing officers, mandates that audit periods be specified in hours, and requires accountants to submit time-sheets with their bills to the Chief Commissioner or Commissioner. The rule prescribes hourly remuneration ranges covering accountants and their assistants and obliges Commissioner oversight to ensure billed hours are commensurate with the size and quality of the audit report.

Rescission of anti-dumping duty on flexible slabstock polyol preserves prior administrative acts while ending the prior duty order.
The Central Government rescinds the definitive anti-dumping duty order on imports of Flexible Slabstock Polyol by exercising powers under the Customs Tariff Act and the anti-dumping rules, terminating that notification prospectively while preserving any actions done or omitted before the rescission.

Anti-dumping duty on flexible slabstock polyol imposed to offset dumping and prevent recurrence of injury.
Anti-dumping duty is imposed on flexible slabstock polyol (molecular weight 3000-4000) from specified origins, equal to the difference between stated reference prices and the assessable landed value per MT for listed origin/export/producer/exporter combinations. The duty is payable in Indian currency, effective for five years from notification, with "landed value" defined under the Customs Act and the rate of exchange determined by statutory notification on the bill of entry date.

Tariff value fixation for specified imports updated, substituting a new table of values and retaining most oil entry rates.
The Board, invoking section 14(2) of the Customs Act, substitutes a new Table of tariff values for Notification No.36/2001-Cus (N.T.), specifying US$ per metric tonne values for crude palm oil, RBD palm oil, other palm oil, crude palmolein, RBD palmolein, other palmolein, crude soyabean oil, brass scrap (all grades) and poppy seeds; most oil entries are unchanged, brass scrap is assigned a tariff value in the Table, and poppy seeds remain at the prior value.

Research-expenditure tax approval requires utilization for scientific research, faculty-led projects, and audited reporting compliance.
Approval under section 35(1)(ii) is subject to conditions: payments must be utilized for scientific research conducted by faculty or enrolled students; separate books and a statement of donations must be maintained; and a qualified accountant must audit and file the audit report and certified statement by the return due date. The Central Government may withdraw approval for failures in accounting, reporting, genuine research activity, or compliance with the governing provisions and rules.

Section 35(1)(ii) approval requires institutions to maintain separate audited research accounts and obtain regulatory clearance to remain valid.
Approval under Section 35(1)(ii) was granted to St. Xavier's College Kolkata Educational Trust as a 'College' partly engaged in research, conditional on utilisation of sums for scientific research, research being conducted by faculty or enrolled students, maintenance of separate books for research receipts and expenditure, audit of those books by a qualified accountant with submission of the audit report to tax authorities by the return due date, and a certified statement of donations and amounts applied for research accompanying the audit report.