U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Sadhu Vaswani Mission, Maharashtra - S.O.1508 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No.25/2016 New Delhi, the 26th April, 2016 S.O.1508 (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 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 specified at serial number 5, for Sight for the sightless Quality Healthcare by Sadhu Vaswani Mission, 10, Sadhu Vaswani Path, Maharashtra 411001 , as an eligible project or scheme for a period of three years beginning with financial year 2007-08; which was vide notification number S.O. 1141(E) dated 17.05.2010 extended for a period of three years ending with financial year 2012-13 which was vide notification number S.O. 3174(E) dated 17.10.2013 extended for a period of three years ending with financial year 2015-16. And whereas the said project or scheme is likely to extend beyond nine years; 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. 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 specifies the scheme or project for Sight for the sightless Quality Healthcare which is being carried out by Sadhu Vaswani Mission, 10, Sadhu Vaswani Path, Maharashtra 411001 , without any change in the approved cost of ₹ 62.82 crore, as an eligible project or scheme for a further period of three years beginning with financial year 2016-17 i.e. 2016-17, 2017-18 and 2018-19; (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)