U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Sri Sathya Sai Central Trust, Anantapur, Andhra Pradesh - S.O.1507 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 24/2016 New Delhi, the 26 th April, 2016 S.O.1507 (E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 466(E) dated 29th March, 2007 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 Running and maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Prasanthigram (Andhra Pradesh), running and maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Whitefield, Bangalore (Karnataka), running and maintenance of Sri Sathya Sai Mobile Hospital, building a corpus fund for the Trust by Sri Sathya Sai Central Trust, Prashanthi Nilayam-515134, Anantapur Dist, Andhra Pradesh , as an eligible project at the estimated cost of ₹ 193.20 crore including a corpus fund of ₹ 100 crore for a period of three years ending with financial year 2009-10; which was further extended vide notification number S.O.1148(E) dated 17th May, 2010 for a period of three more years ending with financial year 2012-13; which was further amended vide notification number S.O. 2528(E) dated 11th October, 2010 that the approved project is allowed to be transferred with its existing assets and liabilities as on 30.11.2010 to Sri Sathya Sai Central Trust and which was further extended vide notification number S.O. 3142(E) dated the 17th October, 2013 for a period of three more years ending with financial year 2015-16; And whereas by notification number S.O. 3142(E) dated the 17th October, 2013 the estimated cost was enhanced from Rs. ₹ 193.20 crore including a Corpus fund of ₹ 100 crore to ₹ 596.20 crore including a Corpus fund of ₹ 100 crore. And whereas the said project or scheme is likely to extend beyond 9 years; And whereas the project cost is likely to enhance from ₹ 596.20 crore including a Corpus fund of ₹ 100 crore to ₹ 936.20 crore including a Corpus fund of ₹ 150 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 , for specifying the said project or scheme for a further period of three years and for amending the project cost from ₹ 596.20 crore including a Corpus fund of ₹ 100 crore to ₹ 936.20 crore including a Corpus fund of ₹ 150 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) hereby notifies the scheme or project Running and maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Prasanthigram (Andhra Pradesh), running and maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Whitefield, Bangalore (Karnataka), running and maintenance of Sri Sathya Sai Mobile Hospital, building a corpus fund for the Trust which is being carried out by Sri Sathya Sai Central Trust, Prashanthi Nilayam-515134, Anantapur Dist, Andhra Pradesh ,as an eligible project or scheme, for a further period of three years commencing with financial year 2016-17 i.e. 2016-17, 2017-18 and 2018-19; (b) further amends the said notification number S.O.466 (E) dated 29.3.2007, 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 of Income Tax Act, 1961 , for the letters, figures and words Rs. 596.20 crore including a Corpus fund of ₹ 100 crore , the letters, figures and words Rs. 936.20 crore including a Corpus fund of ₹ 150 crore shall be substituted. (c). 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)