Notification No. 79/2010- Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes
NOTIFICATION NO. 79/2010 [F. NO. V-27015/3/2010-SO (NAT.COM)]/S.O. 2525(E), DATED 11-10-2010
WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 901(E) dated the 20th September, 2001, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had notified at serial number 3, “Construction of Building, Purchase of Library Books, Office, and Sports equipments, Mobile aids and appliances, learning materials, furnishing and running of activities for rehabilitation of persons with disability through integrated education, vocational training, medical care and employment opportunities” by Amar Jyoti Charitable Trust, N-192, Greater Kailash-I, New Delhi-110 048 as an eligible project or scheme for a period of three years beginning with the assessment year 2002-03, which was extended further vide notification number S.O. 389(E) dated the 23rd March, 2005, for a period of three years beginning with the financial year 2004-05 and which was extended further vide notification number S.O. 1800(E) dated 23rd October, 2007, for a period of three years beginning with the financial year 2007-08;
AND WHEREAS the said project or scheme is likely to extend beyond nine 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 ;
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 hereby notifies the scheme or project “expansion of Construction of Building, Purchase of Library Books, Office and Sports equipments, Mobile aids and appliances, learning materials, furnishing and running of activities for rehabilitation of persons with disability through integrated education, vocational training, medical care and employment opportunities” being carried out by Amar Jyoti Charitable Trust, N-192, Greater Kailash-I, New Delhi -110 048, without any change in the approved cost of Rs. 225.84 lakh, as an eligible project or scheme for a further period of three years beginning with the financial years 2010-11, i.e., 2010-11, 2011-12 and 2012-13.
Sir,
The company received the rental Income exceeds Rs. 40 lakhs
whether it is covered u/s 44AB and there is no other income
YEs audit is complulsory if purchase is over 40 lacs
if purchase is more than 40 lacs and sales is less than 40 lacs is audit is compulsor?
Pls. clarify, whether sales tax/vat is added to total turnover for calculating the limit of gross receipt of Rs. 40 lacs. For example assume total sales excluding vat is Rs. 3900000/-. VAT is Rs. 150000/-. The assessee shows sales net of sales tax in trading account i.e.at Rs. 3900000/-. Is he required to get the accounts audited.
dear vikas n others
gross receipts/turnover does not includes any taxes/lavies that we are liable to collect on behalf of the govt. and paid to them.
sales Rs.38 lacs and purchase 42 lacs not attract audit norms u/s 44AB
pl. do not miss guide to the people and read the laws carefully before commenitng.
will service tax and vat applicable on job works and at what rate
I am retail trader of IML and Beer and my turnover is over 2crores. Apart from this i am also carrying on another business of civil contracts of which turnover is 30 lakhs. I got the books of accounts of retail trade audited u/s 44AB of the I.T Act and I want to declare income from contracts on presumptive basis u/s 44AD of the I.T.Act.Can I do like this? Please clarify.
Sir, it is classic case law to help in penalty matter u/s. 271B as well as in other penalty matter to interpret the spirit of law.
Respected Sir,
Thanks for the wonderful site created by you. I would like to know that whether people dealing in flats through websites and earning brokerage income be considered as business income and have limit of 40lakhs or professional income and have limit of 10 lakhs for compulsory audit u/s 44AB
sale
3800000
304000 8% vat
156560 4.12% Servixe tax
——-
4260560 Total
whether tax audit requires or not
TOO GOOD, NO REQUIREMENT TO CARRY TAX BOOK IN OFFICE.
hon. sir f.y. 2008/09 my transaction of share daily trading 1 crores above and profit + loss 40 lacs above sir my quastion i am liable audit of sec.44AB income tax act.