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| Significant notifications issued by the Central Board of Direct Taxes during the period 14.07.2010 to 15.08.2010 |
| 1. Notification No. 50/2010 dated 14-07-2010 |
| In exercise of the powers conferred by clause (xii) of section 80C(2) of the Income-tax Act, 1961, the Central Government has specified the Immediate Annuity Plan of the ICICI Prudential Life Insurance Company Limited, as approved by Insurance Regulatory and Development Authority, as the annuity plan for the purpose of the said clause for the assessment year 2007-08 and subsequent years. The complete text of the said notification can be downloaded from the link below: http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=57ffdbb3-193d-4103-80b0-364dcff5e7f7&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws |
| 2. Notification No. 52/2010 dated 14-07-2010 |
| Section 10(15)(vii) of the Income-tax Act, 1961 provides for the exemption of interest on bonds issued by a local authority or by a State Pooled Finance Entity and specified by the Central Government by notification in the official Gazette. Accordingly, the Central Government has specified the Tax Free Pooled Finance Development Bonds under Pooled Finance Development Scheme of Government of India (Second Tranche) carrying an interest rate of upto maximum 8 percent annum to be issued by the Water and Sanitation Pooled Fund, Tamil Nadu designated as State Pooled Finance Entity for the state of Tamil Nadu for the purpose of the said section. The complete text of the said notification can be downloaded from the link below: http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=57bea34c-dd1f-4a76-89c1-237f789a574f&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws |
| 3. Notification No. 59/2010 dated 21-07-2010 |
| In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961, the Central Government has notified the Cost Inflation index for the financial year 2010-11 i.e. 711. The complete text of the said notification can be downloaded from the link below: http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=8768697c-ef48-49ef-8da4-990c520ad20b&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws |
| 4. Notification No. 67/2010 dated 03-08-2010 |
| Clauses (a) and (b) of section 80-IB(10) lays down certain conditions to be complied with by an undertaking developing and building housing projects for the purpose of claiming deduction under the said section. However, the conditions contained in these clauses would not apply to a housing project carried out in accordance with a scheme framed by the Central Government or a State Government for reconstruction or redevelopment of existing buildings in areas declared to be slum areas under any law for the time being in force and such scheme is notified by the CBDT in this behalf. Accordingly, the CBDT has notified the Scheme contained in Regulation 33(10) of Development Control Regulation for Greater Mumbai 1991 read with the provisions of notification no. TPB-4391/4080(A)/UD-11(RDP) dated 3rd June, 1992, as a scheme for the purpose of the said section subject to certain exclusions mentioned in the said notification. The complete text of the said notification can be downloaded from the link below: http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=fc441fdc-2db7-4c47-83b6-70ff4bd88a48&NtN=&yr=ALL&sec=&sch=&title=Taxmann - Direct Tax Laws |