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Exemption for 'Running of hospital, purchase of equipments and welfare activities at Vadnagar, Gujarat' by Karuna Setu Trust, Gujarat u/s 35AC of the Income-tax Act, 1961 - SO 1298(E) - Income TaxExtract Exemption for 'Running of hospital, purchase of equipments and welfare activities at Vadnagar, Gujarat' by Karuna Setu Trust, Gujarat u/s 35AC of the Income-tax Act, 1961 Notification No. SO 1298(E) [F. No. NC-274/08/2008] dated 4-6-2008 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number SO 96(E), dated the February 11, 1999, 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 5, 'Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat' by Karuna Setu Trust, Vadnagar-384 355, Gujarat, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number SO 29(E), dated the January 10, 2001 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number SO 381(E), dated the March 19, 2004 for a period of three years beginning with financial year 2004-05; And whereas by notification number SO 1120(E), dated the October 24, 2002 the estimated cost was enhanced from Rs. 67.48 lakh to Rs. 142.03 lakh including a corpus fund of Rs. 50 lakh and vide notification number SO 381(E), dated the March 19, 2004 the estimated cost was further enhanced from Rs. 142 lakh to Rs. 182.50 lakh including a corpus fund of Rs. 50 lakh; 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 Rs. 184.50 lakh to Rs. 282.60 lakh; 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 'Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat', being carried out by Karuna Setu Trust, Vadnagar-384 355, Gujarat for a period of three more years beginning with financial year 2007-08. However, since the financial year 2007-08 has already elapsed, the approval shall not be valid for financial year 2007-08 in respect of funds collected during this financial year and no certificate for exemption of donation under section 35AC(1) of the Income-tax Act, 1961 shall be issued in respect of the financial year 2007-08; and ( b ) further amends the said notification number SO. 96(E), dated the February 11, 1999, to the following effect, namely :— In the said notification, in the Table against serial number 5, in column (4), relating to maximum cost for which allowed, for the letters, figures and word 'Rs. 184.50 lakh' the letters, figures and word 'Rs. 282.60 lakh' shall be substituted.
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