IT – Building a general corpus fund for Helpage India’s work by Helpage India, New Delhi notified as an eligible scheme or project under section 35AC – NOTIFICATION NO. 38/2011

BUILDING A GENERAL CORPUS FUND FOR HELPAGE INDIA’S WORK BY HELPAGE INDIA, NEW DELHI NOTIFIED AS AN ELIGIBLE SCHEME OR PROJECT UNDER SECTION 35AC

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 998(E), dated 5-7-2006

NOTIFICATION NO. 38/2011 [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 879(E), DATED 27-4-2011

WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of 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 the 25th June, 2009 for a period of three years beginning with financial year 2009-10;

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 enhancing the project cost from Rs. 20 crore as corpus fund to Rs. 30 crore as 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;

(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) maximum amount of cost to be allowed as deduction under section 35AC of Income-tax Act, 1961, for the letters, figures and words “Rs. 20 crore as corpus fund”, the letters, figures and word “Rs. 30 crore as corpus fund” shall be substituted.

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