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Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Akshayapatra Foundation, Bangalore - F.No.V-27015/1/2012-SO - Income TaxExtract Notification No.26/2012 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 - Akshayapatra Foundation, Bangalore S.O. 481(E)- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1237(E), dated the 28th October, 2003, 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 3, Mid-Day Meal Program run by the Akshayapatra Foundation, Hare Krishna Hills, West of Chort Road, Rajajinagar, Bangalore - 560010, as an eligible project or scheme for a period of three years beginning with assessment year 2004-05 and which was extended further vide notification number S.O. 1008(E), dated the 5th July, 2006 for a period of three years beginning with financial year 2006-07 and which was extended further vide notification number S.O.856(E), dated 25th March, 2009 for a period of three years beginning with financial year 2009-10; And whereas by notification number S.O. 1008(E), dated the 5th July, 2006 the estimated cost was enhanced from ₹ 2263.75 lakh to ₹ 100.00 crore and vide notification number S.O.856(E), dated 25th March, 2009 the estimated cost was enhanced from 100 crore to 200 crore; And whereas the said project or scheme is likely to extend beyond nine years; And, whereas, the National Committee for the 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 ₹ 200.00 crore to ₹ 400.00 crore; 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 Mid Day Meal Program run by the Akshayapatra Foundation , whicn is being carried out by Akshayapatra Foundation, Hare Krishna Hills, West of Chort Road, Rajajinagar, Bangalore - 560010, 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. 1237(E), dated the 28th October, 2003, to the following effect, namely :- In the said notification, in the Table against serial number 3, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures and word ₹ 200.00 crore , the letters, figures and word ₹ 400.00 crore shall be substituted.
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