Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Helpage India, New Delhi - F.No.V-27015/1/2012-SO - Income Tax

Notification No.25/2012 F.No.V-27015/1/2012-SO dated 16/03/2012 Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Helpage India, New Delhi S.O. 480(E)- Whereas by notification of the Government of India in the Ministry of Finance (Department o Revenue) number S.O.998(E), dated the 5th July, 2006 , 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 16, "Building a general corpus fund for Helpage India's work" by Helpage India, C-14, Qutab Institutional Area, New Delhi -110016, as an eligible project or scheme for a period of three years beginning with financial year 2006-07 and which was extended further vide notification number S.O.2048(E), dated 25th June, 2009 for a period of three years beginning with financial year 2009-10; And whereas the said project or scheme is likely to extend beyond six 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 and amending the project cost from Rs. 30 crore (corpus fund) to Rs. 50 crore (corpus fund); 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 notifies the scheme or project "Building a general corpus fund for Helpage India's work" which is being carried out by Helpage India, C-14, Qutab Institutional Area, New Delhi - 110016, as an eligible project or scheme for a further period of three years commencing with the financial year 2012-13 i.e. 2012-13, 2013-14 2014-15; (b) further amends the said notification number S.O. 998(E) dated the 5th July, 2006, to the following effect, namely:- In the said notification, in the Table against serial number 16, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of the Income-tax Act, 1961 for the letters, figures and word "30 crore (corpus fund)" the letters, figures and words "50 crore (corpus fund)" shall be substituted.