U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Akshar Trust, Baroda - 35/2015 - Income Tax

NOTIFICATION NO. 35/2015 DATED 6-1-2015 S.O. 86(E) - Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.1111(E) dated the 8th August, 2005 ,. issued under sub-section (1) read with 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 7, Akshar centre for hearing impaired by Akshar Trust, Meghdoot, R.C. Dutt Road, Alkapuri, Baroda-390007 , as an eligible project or scheme, at estimated cost of ₹ 62.61 lakh for a period of three years beginning with financial year 2005-2006; which was extended vide notification number S.O. 1463(E) dated 17th June, 2008 for further period of three years beginning with financial year 2008-09; and which was further extended vide notification number 871(E) dated 27.4.2011 for a period of three years ending with financial year 2013-14; And whereas the said project or scheme is likely to extend beyond nine years; And whereas the project cost is likely to enhance from ₹ 62.61 lakh to ₹ 132 lakh'; 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 extending the said project or scheme for a further period of three years and also enhancing the project cost from 'Rs.62.61 lakh, to ₹ 132 lakh'; 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 Akshar centre for hearing impaired which is being carried out by Akshar centre for hearing impaired by Akshar Trust, Meghdoot, R.C. Dutt Road, Alkapuri, Baroda-390007 , for a period of three more years commencing with the financial year 2014-15, i.e., 2014-15, 2015-16 and 2016-17; and (b) further amends the said notification number S.O. 1111(E) dated the 8th August, 2005 to the following effect namely:- In the said notification, in the Table against serial number 7, 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.62.61 lakh', the letters figures and word Rs. 132 lakh' shall be substituted. [F.NO.V.27015/3/2014-SO(NAT.COM)]