SECTION 35AC, READ WITH EXPLANATION (B) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – NATIONAL ASSOCIATION FOR THE BLIND, MUMBAI – AMENDMENT IN NOTIFICATION NO. S.O.1111(E),DATED 8-8-2005
NOTIFICATION NO. 68/2011[F.NO. V-27015/2/2011-SO (NAT.COM)]/S.O. 1388(E), DATED 14-6-2011
Whereas by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) Number S.O. 1111(E), dated the 8th August, 2005, 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 11, “National Association for the Blind” by National Association for the Blind, 11, Khan Abdul Gaffar Khan Road, Worli Seaface, Mumbai – 400030, as an eligible project or scheme for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification Number. S.O.2384(E), dated 3rd October, 2008 for a further period of three years beginning with the financial year 2008-09;
AND WHEREAS the said project or scheme is likely to extend beyond six 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 extending the said project or scheme for a further period of three years and amending the project cost from Rs. 13.50 crore to Rs. 25.50 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), (a) hereby notifies the scheme or project “National Association for the Blind” being carried out by National Association for the Blind, 11, Khan Abdul Gaffar Khan Road, Worli Seaface, Mumbai – 400030, for a further period of three years commencing with financial year 2011-12 i.e. 2011-12, 2012-13 & 2013-14;
(b) further amends the said Notification Number S.O.1111(E), dated the 8th August, 2005, to the following effect, namely:-
In the said Notification, in the Table against serial Number 11, in column (4), relating to maximum cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 13.50 crore” the letters, figures and word “Rs. 25.50 crore” shall be substituted.
