X

Deduction U/s 35AC available only up to previous year ending 31-03-2017

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (Assessment Year 201 7-18) in respect of payments made to association or institution already approved by the National Committee for carrying out any eligible project or scheme.

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

PRESS RELEASE

New Delhi, 19th August, 2016.

Sub: Approval of Eligible Projects or Schemes under section 35AC of the Income Tax Act, 1961 – reg

Section 35AC of the Income Tax Act, inter alia provides for a deduction in computing the business income of an assessee, of the amount paid by him to a public sector company or a local authority or to an association or institution approved by the National Committee for carrying out any eligible project or scheme.

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (Assessment Year 201 7-18) in respect of payments made to association or institution already approved by the National Committee for carrying out any eligible project or scheme.

In view of the above, it may be noted that requests received after 31-12-2016 for the grant / modification / extension of approval beyond 31-03-2017 under section 35AC of the Income-tax Act shall not be considered / entertained by the National Committee.

(Meenakshi J Goswami)

Commissioner of Income Tax

(Media and Technical Policy)

Official Spokesperson, CBDT.

Categories: Income Tax

View Comments (8)

  • I am unable to open my 26AS Tax credit for FY 2016-17. The following is entered:
    Userid: small pan
    Password: dob in small letters
    PAN: again entered in small letters
    Captcha: completed

  • Dear Friends,
    You will be Pleased to know that We have a Common Platform naming "GLOBAL CHARITY ALLIANCE", where we are inviting Trustee and Donors both for the Genuine and Transparent Donations with Ensuring the Real returns of Revenue for both TRUSTS and MEDIA Team involves in the Deal.Importantly we give most Priority and Emphasis to Dignified DONORS for their kind Donations to a Litigation free and Genuine Trust.We hereby inviting Proposals from the Respected DONORS and Respected TRUSTEE for Giving and Seeking Donations. Please you Send your Profiles to our below mail id: and can freely contact us by our Given Mobile Numbers...
    With a Friendly Regards
    AMITAV SAHOO,
    CHAIRMAN -CUM-CONVENOR ,
    GLOBAL CHARITY ALLIANCE.
    e-mail: amitavindia82@gmail.com, donorscharityindia@gmail.com
    MOBILE NOS:09853041338,09438369293,07008305685.

  • Dear Friends,
    Good Afternoon. Its My Pleasure to Inform you that Our Consortium ‘GLOBAL CHARITY ALLIANCE’ is working for the best results oriented Deal of both DONORS/ TRUSTS. We are having DONORS for HSBC/General Bank Account holders Trusts. You all are requested to send your Profile to us for the better convenient of your Deal ahead. Our Consortium is dealing with GENERAL/HINDU/CHRISTIAN/ROMAN CATHOLIC/TEMPLE Trusts. Respected TRUSTEES Please Ensure you all have 35 1&2,SIRO,CBDT,FCRA,12A,80G,3 Years IT Returns, 3 Years Audit Reports, PAN Card Positively. Your Bank Account May be at Any Nationalized Bank/HSBC Bank. Please you send your Profiles and other documents to us BY OUR Mail id : amitavindia82@gmail.com, donorscharityindia@gmail.com, globalcharityalliance1947@gmail.com.
    Contact Nos : +91-9853041338,+91-9438369293, +91-7008305685.
    With a Friendly Regards
    AMITAV SAHOO,
    CHAIRMAN – CUM – CONVENOR
    GLOBAL CHARITY ALLIANCE

  • Dear Friends,
    Good Afternoon. Its My Pleasure to Inform you that Our Consortium ‘GLOBAL CHARITY ALLIANCE’ is working for the best results oriented Deal of both DONORS/ TRUSTS. We are having DONORS for HSBC/General Bank Account holders Trusts. You all are requested to send your Profile to us for the better convenient of your Deal ahead. Our Consortium is dealing with GENERAL/HINDU/CHRISTIAN/ROMAN CATHOLIC/TEMPLE Trusts. Respected TRUSTEES Please Ensure you all have 35 1&2,SIRO,CBDT,FCRA,12A,80G,3 Years IT Returns, 3 Years Audit Reports, PAN Card Positively. Your Bank Account May be at Any Nationalized Bank/HSBC Bank. Please you send your Profiles and other documents to us By Our Mail id : amitavindia82@gmail.com, donorscharityindia@gmail.com, globalcharityalliance1947@gmail.com.
    Contact Nos : +91-9853041338,+91-9438369293, +91-7008305685.
    With a Friendly Regards
    AMITAV SAHOO,
    CHAIRMAN – CUM – CONVENOR
    GLOBAL CHARITY ALLIANCE,INDIA

  • Dear Friends,
    Attention: Its a Serious Matter..Please be Alert, An International Fraud Naming J.L.ALIAS KEVIN, PAN NO: AFCD12734F belonging to Pondicherry ..This fraud has cheated so many persons in our Country in the name of Donations,Re Donations ..This Fellow tells Sweet Stories and Convincing Peoples for Sending Money in his SBI accounts and other Third Party Account..So,Friends, be aware about this Fraud and Never Deal with this Fraud..If any Person is being cheated by This Fellow Kevin, Contact Us for Legal Proceedings ;
    NILESH..Director,NGO VIGILANCE,PONDICHERRY
    Our Mail ID: fraudkevin@gmail.com

1 2
X

Headline

Privacy Settings