U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On –Visamo Kids Foundation, Ahmedabad - 33/2015 - Income Tax

NOTIFICATION NO.33/2015 DATED 6-1-2015 S.O. 84(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1370(E) dated 14.6.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 21, Visamo Kids Foundation by Visamo Kids Foundation, Opposite Inductothermy Bopal, Ahmedabad -380058 , as an eligible project or schemes at the estimated cost of. ₹ 38,58 lakh, for a period of two years ending with financial year 2012-13; And whereas the said project or scheme is likely to extend beyond 2 years; And whereas the project cost is likely to enhance from ₹ 38.58 lakh' to 'Rs.1.97 crore; And whereas the National Committee for Promotion of Social and Economic Welfare, being satisfied that the said project or scheme is being executed properly, made a further recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962 for specifying the said project or scheme for a further period of three years and also enhancing the project cost from 'Rs.38.58 lakh' to 'Rs.1.97 crore'. Now, therefore, the Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961) , hereby (a)notifies the scheme or project Visamo Kids Foundation , which is being carried out by Visamo-Kids Foundation, Opposite Inductothermy Bopal, Ahmedabad -380058 for a further period of three years commencing with financial year 2013-14, i.e., 2013-14, 2014-15, 2015-16. Since the financial year 2013-14 has already lapsed, no exemption under Section 35AC shall be available for the said financial year 2013-14. (b) further amends the said notification number S.O. 1370(E) dated 14.6.2011 to the following effect namely:- In the said notification, in the Table against serial number 21, in column (4) relating to maximum amount of cost to be allowed as deduction under Section 35 AC , for the letters figures and word Rs.38.58 lakh', the letters figures and word Rs.1.97 crore' shall be substituted [F.NO.V.27015/3/2014-SO(NAT.COM)]