U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Sree Sree 108 Karunamoyee Kalimata Mandir, Dr. Meghnad Saha Sarani,Calcutta - S.O.1516 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No.33/2016 New Delhi, the 26th April, 2016 S.O.1516 (E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 614 (E) dated 18th March, 2010 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 29 Expansion of Old Age Home by Sree Sree 108 Karunamoyee Kalimata Mandir, 107/1, Dr. Meghnad Saha Sarani,Calcutta 700029 , as an eligible project at the estimated cost of ₹ 666.07 lakh including a corpus fund of ₹ 400.00 lakhs, for a period of three years ending with financial year ending with financial year 2012-13 and which was extended further vide notification number S.O. 3170(E) dated 17th October, 2013 for a period of three year beginning with financial year 2015-16; And whereas vide notification number S.O. 3170(E) dated 17th October, 2013 , the project cost was enhanced from ₹ 666.07 lakh including a corpus fund of ₹ 400.00 lakh to ₹ 856.97 lakh including a Corpus Fund of ₹ 400.00 Lakh; And whereas the said project or scheme is likely to extend beyond 6 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, 1962 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 notifies the scheme or project Expansion of Old Age Home which is being carried out by Sree Sree 108 Karunamoyee Kalimata Mandir, 107/1, Dr. Meghnad Saha Sarani,Calcutta 700029 , as an eligible project or scheme, without any change in the approved cost of ₹ 856.97 lakh including a Corpus Fund of ₹ 400.00 Lakh commencing with the financial year 2016-17 i.e. 2016-17, 2017-18 and 2018-19; (b) 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. 614 (E) dated 18th March, 2010 , to the following effect, namely: In the said notification, in the Table against serial number (29), in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC , for the letters, figures and words Rs. 856.97 lakh including a Corpus Fund of ₹ 400.00 Lakh , the letters, figures and words Rs.1500.00 lakh including a corpus fund of ₹ 700.00 lakh 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)