SECTION 35AC, READ WITH EXPLANATION (B) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – FRIENDS OF THE TRIBAL SOCIETY, KOLKATTA
NOTIFICATION NO. 64/2011[F.NO. V-27015/2/2011-SO (NAT.COM)]/S.O. 1384(E), DATED 14-6-2011
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 (43 of 1961), the Central Government had specified at serial Number 13, for Literacy project of running 2890 One Teacher Schools (OTS) at 2890 tribal areas in 6 States, by Friends of the Tribal Society, 19- Ganga Prasad Mukherjee Road, Kolkatta-700025, as an eligible project or scheme for a period of three years beginning with assessment year 2002-03; which was extended further vide Notification Number S.O.797(E), dated the 5th July, 2004 for a period of three years beginning with financial year 2004-05 and which was extended further vide Notification Number S.O.478(E), dated the 29th March, 2007 for a period of three years beginning with financial year 2007-08;
AND WHEREAS by Notification Number S.O.478(E), dated the 29th March, 2007 the estimated cost was enhanced from Rs. 867 lakh to Rs. 1650 lakh;
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 specifying the said project or scheme for a further period of three years and amending the project cost from Rs. 1650 lakh to Rs. 5504.40 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 specifies the scheme or project for Literacy project of running 2890 One Teacher Schools (OTS) at 2890 tribal areas in 6 States, which is being carried out by Friends of the Tribal Society, 19- Ganga Prasad Mukherjee Road, Kolkatta-700025 as an eligible project or scheme for a further period of three years commencing from the financial year 2011-12 i.e. 2011-12, 2012-13 & 2013-14; and
(b) further amends the said Notification Number S.O.901(E), dated the 20th September, 2001, to the following effect, namely :-
In the said Notification, in the Table against serial Number 13, in column (4), relating to maximum cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 1650 lakh ” the letters, figures and word “Rs. 5504.04 lakh” shall be substituted.
