Research institution approval requires audited separate research accounts and certified donation statements, noncompliance risks withdrawal.
Semi Conductor Laboratory, Mohali is approved as an other institution partly engaged in scientific research for the purposes of clause (ii) of sub section (1) of section 35, effective 1 4 2006, subject to conditions: sums must be used for scientific research; research must be conducted by faculty or enrolled students; separate books of account for research receipts and expenditures must be maintained and audited by a qualified accountant with the audit report furnished by the income tax return due date; and a separately certified statement of donations and sums applied for research must accompany the audit report.

Customs exemption amendment extends effective date for specified defence imports under existing notification by central government
Substitutes the effective date in the Explanation to the Table entry at S.No.14 of Notification No.39/96 Customs, thereby extending the operative date for exemptions on specified goods imported for Defence, Coast Guard, Department of Revenue, Police Forces, HAL, certain ordnance factories and specified defence programmes; enacted under section 25(1) of the Customs Act on public interest grounds.

Appointment of National Committee for Promotion of Social and Economic Welfare: members designated under section 35AC for a three-year term.
The Central Government appoints fourteen persons, including a Chairman and members, to the National Committee for Promotion of Social and Economic Welfare under section 35AC, invoking the Income-tax Act and applicable rule provisions; appointees are named with affiliations and are appointed for a three-year term commencing on the notification date.

Research donation approval enables tax deductible contributions subject to audit and reporting requirements and withdrawal on noncompliance.
Approval was granted to BIOVED Research Society as an other institution partly engaged in scientific research from 1 4 2007 subject to conditions: payments must be used for scientific research; research must be carried out by faculty or enrolled students; separate books of account for research receipts and expenditures must be maintained and audited by an accountant with the audit report furnished to the tax authority by the return due date; a separately certified statement of donations and amounts applied to research must accompany the audit report. Approval may be withdrawn for specified failures or noncompliance.

Exchange rate determination sets statutory conversion rates for imports and exports effective 1 February 2008.
Determines statutory conversion rates for specified foreign currencies for customs valuation of imported and exported goods effective 1 February 2008. Under section 14 of the Customs Act, 1962, the Central Board of Excise and Customs supersedes the prior notification and prescribes separate schedule-based rates per 100 units of each listed currency for imports and exports, with prospective effect and a saving for prior acts or omissions.

Deemed Inland Container Depot status granted to a Special Economic Zone, enabling customs treatment under the Customs Act.
The Central Government, invoking sub section (2) of Section 53 of the Special Economic Zones Act, 2005, appoints the Special Economic Zone for IT/ITES/BPO at Madhuranthagam Taluk by M/s. Chennai Business Park Private Limited to be deemed an Inland Container Depot under Section 7 of the Customs Act, 1962, thereby specifying the date from which the SEZ will receive the customs status and treatment of an Inland Container Depot.

Foreign currency accounts permitted for foreign carriers and ship manning agencies to meet local operational expenses under RBI conditions.
The amendment permits foreign shipping or airline companies and their agents to open, hold and maintain foreign currency accounts with authorised dealers in India to meet local expenses, with credits limited to freight or passage fare collections in India or inward remittances through normal banking channels from overseas offices or principals; authorised dealers may, under Reserve Bank directions, allow ship manning and crew managing agencies to maintain non interest bearing foreign currency accounts for ordinary business transactions.

Invoice identification requirement: proprietor or HUF name must be stated on invoices under amended excise rules.
The amendment inserts a proviso to the Central Excise Rules, 2002 requiring that where the business is a proprietary concern or owned by a Hindu Undivided Family, the invoice must also state the name of the proprietor or the Hindu Undivided Family, as applicable, thereby adding a specific documentary identification requirement to invoice particulars upon the rule's commencement.

Mandatory membership in credit information companies extended to allow institutions time to choose among registered providers.
The Order, effective immediately, prescribes that any credit institution in existence on commencement of the Act shall become a member of at least one credit information company by 31st December, 2008, extending the original statutory time limit because no company had been granted registration to carry on the credit information business within the initial three month period, and thereby permitting institutions to exercise choice among duly registered companies.

Appointment of Special Economic Zone as Inland Container Depot authorizes deemed ICD status under Customs Act provisions.
The Central Government, under sub-section (2) of Section 53 of the Special Economic Zones Act, 2005, notifies that the information technology/information technology enabled services Special Economic Zone at Kurukalva Village, Renigunta Mandal, Tirupati Division, Chittor District, Andhra Pradesh by M/s. Andhra Pradesh Industrial Infrastructural Corporation Limited shall be deemed to be an Inland Container Depot under Section 7 of the Customs Act, 1962 from a specified date in 2008 (S.O. 147(E), dated 24 January 2008).

Approval Committee for IT/ITES SEZ established with defined composition, ex officio members, nominees and special invitee.
Constitution of an Approval Committee for the IT/ITES Special Economic Zone at Kurukalva by M/s. Andhra Pradesh Industrial Infrastructural Corporation Limited under the Special Economic Zones Act, 2005, specifying the committee's composition: Development Commissioner as Chairperson, departmental ex officio members from Commerce, Foreign Trade, Customs Airport, Income Tax and Banking, two state nominated officers of prescribed seniority as members, and the developer's representative as special invitee; absence of the Development Commissioner is to be met by a joint Development Commissioner rank officer.

Special Economic Zone designation for IT/ITES at Kurukalva enabled by statutory approval and government notification by state entity.
Notification designates a Special Economic Zone for information technology and information technology enabled services at Kurukalva Village, Andhra Pradesh, following a Section 3 proposal, satisfaction of Section 3(8) requirements and grant of approval under Section 3(10). Exercising powers under Section 4(1) of the SEZ Act, 2005 and rule 8 of the SEZ Rules, 2006, the Central Government notifies specific survey numbers as the SEZ, recording a total notified area of 32.51, thereby enabling development, operation and maintenance of the sector specific SEZ.

Special Economic Zone expansion: additional land parcels at Mihan notified for inclusion under SEZ regulatory provisions.
Notification adds an additional 66.90 hectares to the existing multi product Special Economic Zone at Mihan, District Nagpur, by specifying village wise survey numbers and parcel areas; the Central Government, satisfied that statutory prerequisites are met, exercises its powers under the Special Economic Zones Act and applicable rules to include the listed parcels within the SEZ boundaries.

Export exception for non-basmati rice permits limited shipments to designated trading agencies for specified countries.
The notification creates a narrow exception to the prohibition on export of non-basmati rice, permitting 50,000 MT to Madagascar through STC, 25,000 MT to Comoros and 9,000 MT to Mauritius through MMTC, effective immediately and limited to the specified quantities and designated trading agencies.

Commencement date appointment under the Finance Act designates operative date for clause (ii) compliance and effect.
Appoints the 25th day of January, 2008 as the commencement date for the purposes of clause (ii) of section 133 of the Finance Act, 2007 by way of a Central Government notification issued under the Department of Revenue and published in the Gazette.

MRP abatement amended to add printers, ink cartridges, modems and set top boxes with prescribed abatement rates.
The notification inserts new Table entries into the principal MRP abatement schedule for specific tariff classifications - printers (including combined copying/fax functions), ink cartridges with print head assembly, goods under headings 8471 and 8517 (including modems and internet set top boxes), and goods under heading 8528 (including monitors and television set top boxes) - each with an assigned MRP abatement rate to determine excise liability. The amendment is effected under section 4A and comes into force on 25 January 2008.

Research funding approval under Section 35(1)(ii) requires utilization for scientific research and statutory audit compliance.
Approval was granted to Cancer Centre Welfare Home and Research Institute as an 'other Institution' partly engaged in research, subject to conditions: research receipts must be used for scientific research; research must be undertaken by faculty or enrolled students; separate books of account for research receipts and expenditures must be maintained and audited by a qualified accountant with the audit report furnished to the tax authority by the return due date; and a separately certified statement of donations and amounts applied for research must accompany the audit report. Approval may be withdrawn on specified failures or cessation of genuine research activity.

Customs amendment updates tariff exemptions and item descriptions, altering specified entries and import classifications for certain goods.
Amendment under section 25(1) of the Customs Act, 1962 modifies Notification No.21/2002-Customs by substituting the column (3) entry for S.No.140 with "Tags, labels, stickers, belts, buttons or hangers, imported by bonafide exporters", inserting "(z) printed bags" after (y) in column (3) for S.No.167, and substituting the column (2) entry for S.No.168 with "43, 52, 54, 55, 56, 58, 59 or 60".

Scientific research association approval subject to audit, accounting and donation reporting; non-compliance may lead to approval withdrawal.
Approval is granted to Shri A.M.M. Murugappa Chettiar Research Centre as a scientific research association subject to conditions: sole objective of scientific research; conduct research activities directly; maintain books of account and obtain and furnish an auditor's report by the return due date; and maintain and submit a certified statement of donations and amounts applied for research. The Central Government may withdraw approval for failure to maintain books, furnish audit reports or donation statements, cessation or lack of genuine research activity, or non compliance with the governing rules.

Approval under section 35(1)(ii) permits university research deductions subject to separate accounts, audited reports and donation statements.
Approval for research deduction purposes has been granted to Indian Institute of Technology Bombay as a University partly engaged in research, effective from 1-4-2006, contingent on use of sums for scientific research and conduct of research by faculty or enrolled students. The institute must keep separate books of account for research receipts and expenditures, obtain and furnish an auditor's report with the income tax return, and provide a certified statement of donations and application of funds. The Government may withdraw approval for failure to maintain accounts, furnish reports, cease genuine research, or otherwise breach the statutory conditions.