Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Welfare programmes in the field of Health, education, environment etc. by SNS Foundation - 128/2007 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Welfare programmes in the field of Health, education, environment etc. by SNS Foundation NOTIFICATION NO. 128/2007, DATED 29-3-2007 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.461(E) dated the 5 th April, 2004, 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 specified at serial number 8, for Welfare programmes in the field of Health, education, environment etc. by SNS Foundation, 1, Sri Aurobindo Marg, New Delhi-110016, as an eligible project or scheme for a period of three years beginning with financial year 2004-05; AND WHEREAS the said project or scheme is likely to extend beyond three 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 and enhancing the project cost from Rs.810.00 lakhs to Rs. 1000.00 lakhs; 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 for Welfare programmes in the field of Health, education, environment etc., which is being carried out by SNS Foundation, 1, Sri Aurobindo Marg, New Delhi-110016, as an eligible project or scheme for a further period of three years commencing from the financial year 2007-08; and (b) further amends the said notification number S.O.461(E) dated the 5 th April, 2004, to the following effect, namely :- In the said notification, in the Table against serial number 13, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and word "Rs.810.00 lakhs", the letters, figures and word "Rs. 1000.00 lakhs" shall be substituted. [F.No.NC-274/3/2007]