U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Vatsalya Trust, Mumbai - 199/2015 - Income Tax

NOTIFICATION No. 199/2015 New Delhi, the 20th July, 2015 S.O. 1986(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1586(E) dated 11.11.2005 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 9, i)Orphanage, ii) Balika Ashrama ,(iii) Old age home, (iv) Child parents guidance centers , by Vatsalya Trust, C-2/32, Shree Vijay Kunj Society, Kanjur Marg (East), Mumbai 400042 , as an eligible project or scheme, at the estimated cost of ₹ 1.92 crore, for a period of three years ending with financial year 2007-08, which was further extended vide notification number S.O. 2391(E) dated 3.10.2008 for a period of three years ending with financial year 2010-11, which was further extended vide notification number S.O. 2399(E) dated 18.10.2011 for a period of three years ending with financial year 2013-14 and which was further extended vide notification number S.O. 1971(E) dated 31.07.2014 for a period of three years ending with financial year 2016-17; And whereas the project cost is likely to enhance from ₹ 1.92 crore to ₹ 5.00 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 amending the project cost from ₹ 1.92 crore to ₹ 5.00 crore for the approved period i.e. upto financial years 2016-17; 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 amends the said notification number S.O. 1586(E) dated 11.11.2005 , to the following effect, namely:- In the said notification, in the Table against serial number 9, in column (4), relating to maximum to be allowed as deduction under section 35AC of Income Tax Act, 1961 , for the letters, figures and word Rs. 1.92 crore the letters, figures and word Rs. 5.00 crore shall be substituted. [F. No. V.27015/2/2015-SO (NAT.COM)] MAKKHAN LAL MEENA, Dy. Secy. (National Committee)