U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Bharti Foundation, New Delhi - S.O.1521 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No.38/2016 New Delhi, the 26th April, 2016 S.O.1521 (E) .- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.466(E) dated the 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 notified at serial number 1, Satya Bharti Schools (establishing supporting 500 primary schools as well as non-formal education) by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi 110030 , as an eligible project or scheme for a period of three years beginning with financial year 2007-2008; which was extended further vide notification number S.O.648(E) dated 22nd March, 2010 for a period of three years beginning with financial years 2010-11 and the project was further extended vide notification number S.O. 3643(E) dated 17.10.2013 (read with corrigendum S.O. No. 3643(E) dated 11.12.2013 ) for a period of three years ending with financial year 2015-16; And whereas by notification number 247(E) dated 21st January, 2009 , the estimated cost was enhanced from ₹ 35.00 crore including a corpus fund of ₹ 10.00 crore to ₹ 115.00 crore including a corpus fund of ₹ 30.00 crore; further, vide notification S.O. 2529(E) dated 11.10.2010 the project cost was changed from ₹ 115 crore including a corpus fund of ₹ 30 crore to ₹ 115 crore including a corpus fund of ₹ 45 crore and vide notification number 1879(E) the project cost was further enhanced from ₹ 115 crore including a corpus fund of ₹ 45 crore to ₹ 160 crore including a corpus fund of ₹ 60 crore and vide notification number 447(E) dated 11.2.2015 the project cost was further enhanced from Rs.160.00 crore including corpus fund of ₹ 60.00 crore to Rs.360.00 crore including corpus fund of ₹ 110.00 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 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 Satya Bharti Schools (establishing supporting 500 primary schools as well as non-formal education) , which is being carried out by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi 110030 ,without any change in the approved cost of ₹ 360 crore including corpus fund of ₹ 110 crore, as an eligible project or scheme for a further period of three years beginning with financial years, 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)