SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – BHARTI FOUNDATION, NEW DELHI – AMENDMENT IN NOTIFICATION NO.S.O.466(E) DATED 29-3-2007

NOTIFICATION NO.100/2011[F.NO.V-27015/3/2011-SO(NAT.COM]/S.O.1879(E), DATED 11-8-2011

Whereas by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.466(E) dated the 29th March, 2007, 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 1, – “Satya Bharti Schools (establishing & supporting 500 primary schools as well as non-formal education)” by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi – 110030 as an eligible project or scheme for a period of three years beginning with financial year 2007-2008 and which was extended further vide Notification number S.O.648(E), dated 22 March, 2010 for a period of three years beginning with financial years 2010-11;

And whereas by Notification number 247(E), dated 21st January, 2009, the estimated cost was enhanced from Rs. 35.00 crore including a corpus fund of Rs. 10 crore to Rs. 115 crore including a corpus fund of Rs. 45 crore increasing the number of Satya Bharti Schools from 60 to 250.

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 enhancing the project cost from Rs. 115 crore including a corpus fund of Rs. 45 crore to Rs. 160 crore including a corpus fund of Rs. 60 crore increasing the number of Satya Bharti Schools from 250 to 500.

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 “Satya Bharti Schools (establishing & supporting 500 primary schools as well as non-formal education)” which is being carried out by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi – 110030.

(b) further amends the said Notification number S.O. 466(E), dated the 29th March, 2007, 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 words ”Rs. 115 crore including a corpus fund of Rs. 45 crore”, the letters, figures and words “Rs. 160 crore including a corpus fund of Rs. 60 crore’ shall be substituted.

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Category : Income Tax (25028)
Type : Notifications (15213) Notifications/Circulars (30077)

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