NOTIFICATION NO. 81/2010- 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 – Amendment in Notification No. S.O. 2370(E), dated 23-10-2008
NOTIFICATION NO. 81/2010 [F. NO. V-27015/3/2010-SO (NAT.COM)]/S.O. 2527(E), DATED 11-10-2010
WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 23rd October, 2008, 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 21, extension of running old age home and women upliftment campaign by Aashara Mahila Utkarsh Trust, 315, Sardar Patel Super Market, District Anand, Gujarat 388 001, as an eligible project or scheme for a period of three years beginning with the financial year 2008-09;
AND WHEREAS the said project or scheme likely to extend beyond three 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 enhancing the project cost from Rs. 1.23 crore to Rs. 4.62 crore;
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 further amends the said notification number S.O. 2370(E) dated the 23rd October, 2008, to the following effect, namely:—
In the said notification, in the Table against serial number 2, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 1.23 crore”, the letters, figures and word “Rs. 4.62 crore” shall be substituted.