Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Sree Guruvayurappan Bhajan Samaj Trust, Banglore - F.No.V-27015/1/2012-SO - 485(E) - Income Tax

Notification No.30/2012 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 - Sree Guruvayurappan Bhajan Samaj Trust, Banglore S.O. 485(E)- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.458(E) dated the 30th March, 2006, 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 2, Unnati, a vocational guidance centre for the underprivileged by Sree Guruvayurappan Bhajan Samaj Trust, No.1 Tank Road, Opposite Ulsoor Lake, Bangalore - 560042, 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. 838(E) dated 25th March, 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 ₹ 10.17 crore including a corpus fund of ₹ 7 crore to ₹ 22.71 crore including a corpus fund of ₹ 15 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) , hereby notifies the scheme or project Unnati, a vocational guidance centre for the underprivileged which is being carried out by Sree Guruvayurappan Bhajan Samaj Trust, No.1 Tank Road, Opposite Ulsoor Lake, Bangalore - 560042, as an eligible project or scheme for a further period of three years beginning with financial year 2012-13 i.e. 2012-13, 2013-14 2014-15. (b) further amends the said notification number S.O.458(E) dated the 30th March, 2006, to the following effect, namely :- In the said notification, in the Table against serial number 2, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC for the letters, figures and words 10.17 crore including a corpus fund of ₹ 7 crore , the letters, figures and words 22.71 crore including a corpus fund of ₹ 15 crore shall be substituted.