U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - National Association for the Blind, NIT, Faridabad - S.O.1539 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 56/2016 New Delhi, the 26th April, 2016 S.O.1539 (E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. No. 2349 (E) dated 28th September, 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 1, Running projects for the welfare of visually impaired by National Association for the Blind, Central Green, K.C Road, NIT, Faridabad-121001 , as an eligible project or scheme for a period of three years at the estimated cost of ₹ 300 lakh, ending with financial year 2012-13 and which was further extended vide notification number S.O.3186(E) dated 17 th October, 2013 for a period of three years ending with financial year 2015-16; 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 extending 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 Running projects for the welfare of visually impaired , which is being carried out by National Association for the Blind, Central Green, K.C Road, NIT, Faridabad-121001 , without any change in the approved cost of ₹ 300 lakh, as an eligible project or scheme, for a further period of three years commencing with the 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)