U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Barasat Anweshan, West Bengal - S.O.1531 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 48/2016 New Delhi, the 26th April, 2016 S.O.1531 (E). - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2366(E) dated 4.10.2012 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 27, Enhancement of the activities of present Nivedita Orphanage Home and Old age Home `Sankalp by Barasat Anweshan, Rabindra Nagar, P.O. Noapara, Barasat, North 24 Parganas, 700 125, West Bengal , as an eligible project or scheme, at the estimated cost of ₹ 282.13 lakh including corpus funds of ₹ 50 lakh for a period of three years ending with financial year 2014-15; And whereas the said project or scheme is likely to extend beyond 3 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 Enhancement of the activities of present Nivedita Orphanage Home and Old age Home `Sankalp which is being carried out by Barasat Anweshan, Rabindra Nagar, P.O. Noapara, Barasat, North 24 Parganas, 700 125, West Bengal , as an eligible project or scheme for a further period of three years, without any change in the approved cost of ₹ 282.13 lakh including corpus funds of ₹ 50 lakh commencing with the financial year 2015-16 i.e. 2015-16, 2016-17 and 2017-18. As the financial year 2015-16has already been lapsed, no certificate under section 35AC of the IT Act, 1961 would be issued for the financial year 2015-16; (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)