U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Asian Society of Continuing Medical Education, Chennai - S.O.1502(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION NO. 19/2016 New Delhi, the 26th April, 2016 S.O.1502(E). - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1872(E) dated 21.07.2014 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 14, Asian Society of Continuing Medical Education by Asian Society of Continuing Medical Education, Sharika Mansion No.2, Lake Area First Street, Nungambakkam, Chennai 600 034 - Tamil Nadu , as an eligible project or scheme, at the estimated cost of ₹ 31.07 crore for a period of three years ending with financial year 2016-17; And whereas the project cost is likely to enhance from ₹ 31.07 crore to ₹ 67.49 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 amending the project cost from ₹ 31.07 crore to ₹ 67.49 crore. 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) , (a) further amends the said notification number S.O. 1872(E) dated 21.07.2014 , to the following effect, namely:- In the said notification, in the Table against serial number 14, 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.31.07 crore the letters, figures and word Rs. 67.49 crore 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)