Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes

NOTIFICATION NO. 11/2009 [F.NO. V-27015/5/2009-SO (NAT.COM)]/ S.O. 644(E), DATED 22-3-2010

WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 878(E), dated 30th November, 1992, 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 notified at serial number 3, “Integrated Rural Development Project” by Jankidevi Bajaj Gram Vikas Sanstha, C/o Samaj Seva Kendra, Survey No. 4272. Behind Akurdi Post Office, Akurdi, Pune-411035, as an eligible project or scheme for a period of three years beginning with assessment year 1993-94, which was extended further vide notification number S. O. 293(E), dated the 4th April, 1995 for a period of three years beginning with assessment year 1996-97, which was extended further vide notification number S.O. 438(E), dated the 20th May, 1998 for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O. 1384(E), dated the 30th December, 2002 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number S.O. 789(E), dated the 5th July, 2004 for a period of three years beginning with financial year 2004-05; which was extended further vide notification number S. O. 2400(E), dated the 3rd October, 2008 for a period of two years beginning with financial year 2008-09; to give the applicant time to spend the already collected amount under section 35AC without raising further amount during the period.

AND WHEREAS by notification number S.O. 438(E), dated the 20th May, 1998 the estimated cost was enhanced from Rs. 118 lakh to Rs. 180.72 lakh, vide notification number S.O. 319(E), dated the 11th May, 1999 the estimated cost was further enhanced from Rs. 182.72 lakh to Rs. 298.60 lakh and vide notification number S.O. 789(E), dated the 5th July, 2004 the estimated cost was further enhanced from Rs. 298.60 lakh to Rs. 704.14 lakh vide notification number S.O. 2604(E), dated 14-10-2009 the project cost was further enhanced from Rs. 704.14 lakh to Rs. 821.80 lakh;

AND WHEREAS the said project or scheme is likely to extend beyond eighteen 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. 821.80 lakh to Rs. 1219.80 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 “Integrated Rural Development Project” being carried out by Jankidevi Bajaj Gram Vikas Sanstha, C/o Samaj Seva Kendra, Survey No. 4272, Behind Akurdi Post Office, Akurdi, Pune-411 035, for a period of three years beginning with financial year 2010-11, i.e., 2010-11, 2011-12 and 2012-13.

  (b)   further amends the said notification number S.O. 878(E), dated the 30th November, 1992 to the following effect, namely:—

In the said notification, in the Table against serial number 3, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 821.80 lakh”, the letters, figures and word “Rs. 1219.80 lakh” shall be substituted.

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