U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Smt. Savitaben Ramanlal Dahyalal Shah, Sarvajanik Hospital & Prashutigruh Trust, Mehsana, Gujarat - S.O.1501(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 18/2016 New Delhi, the 26th April, 2016 S.O.1501(E). -Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1084(E) dated 11.10.2002 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 3, Running of Smt. Savitaben Ramanlal Dahyalal Shah Sarvajanik Hospital, Ambasan, District Mehsana, Gujarat by Smt. Savitaben Ramanlal Dahyalal Shah, Sarvajanik Hospital Prashutigruh Trust, AT PO Ambasan, Tal. District Mehsana 384435, Gujarat. , as an eligible project or scheme, at the estimated cost of ₹ 63.75 lakhs including a corpus fund of ₹ 28.00 lakhs, for a period of three years ending with financial year 2005-06, which was further extended vide Notification number S.O. No.1010(E) dated 05.07.2006 for a further period of two years ending with financial year 2007-08, which was further extended vide S.O.1472(E) dated 17.06.2008 for a period of three years ending with financial year 2010-11, which was further extended vide Notification number 869(E) dated 27.4.2011 for a further period of three years ending with financial year 2013-14 and which was extended further vide notification number S.O. 1970(E) dated 31st July 2014 for a period of three years ending with financial year 2016-17; And whereas vide notification number S.O. 1147(E) dated 17.5.2010 , the project cost was enhanced from ₹ 63.75 lakh including a corpus fund of ₹ 28.00 lakh to ₹ 113.75 lakh including a corpus fund of ₹ 28 lakh, by amending notification number S.O.1084(E) dated 11.10.2002; And whereas the project cost is likely to enhance from ₹ 113.75 lakh including a corpus fund of ₹ 28 lakh to ₹ 163.75 lakh including a corpus of ₹ 28 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 amending the project cost from ₹ 113.75 lakh including a corpus fund of ₹ 28 lakh to ₹ 163.75 lakh including a corpus of ₹ 28 lakh.However, the exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014 .; 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 notifies the scheme or project Running of Smt. Savitaben Ramanlal Dahyalal Shah Sarvajanik Hospital, Ambasan, District Mehsana, Gujarat , which is being carried out by Smt. Savitaben Ramanlal Dahyalal Shah, Sarvajanik Hospital Prashutigruh Trust, AT PO Ambasan, Tal. District Mehsana 384435, Gujarat , further amends the said notification number S.O. 1084(E) dated 11.10.2002 , to the following effect, namely:- In the said notification, in the Table against serial number 3, in column (4), relating to maximum amount of cost to be allowed as deduction under section of 35AC of Income Tax Act, 1961 for the letters, figures and word Rs.113.75 lakh including a corpus fund of ₹ 28 lakh the letters, figures and word Rs. 163.75 lakh including a corpus of ₹ 28 lakh shall be substituted. (b). The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014. . [F.No.V. 27015/1/2016-SO (NAT.COM)] MAKKHAN LAL MEENA, Dy. Secy. (National Committee)