SECTION 35AC OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES
NOTIFICATION NO. S.O. 483(E) [NO. 28/2012 F.NO.V-27015/1/2012-SO (NAT.COM))], DATED 16-3-2012
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2349(E) dated 28th September 2010, 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 11 “Livelihoods enhancement of Hardcore Rural & Poor” by Population & Social Development, 4/12, Central Park, City Centre, Durgapur-16, West Bengal, as an eligible project or scheme for a period of three years beginning with financial year 2010-11;
And whereas the National Committee for Promotion of Social and Economic Welfare, being satisfied that the said project or scheme is being executed property, made a further recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962 for amending the project cost from Rs. 9.00 crore to Rs. 20.58 crore including a corpus fund of Rs. 9 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 “Livelihoods enhancement of Hardcore Rural & Poor”, which is being carried out by Population & Social Development 4/12, Central Park, City Centre, Durgapur-16, West Bengal; (b) further amends the said notification number S.O. 2349(E) dated 28th September, 2010, to the following effect, namely :-
In the said notification, in the Table against serial number 11, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs 9.00 crore”, the letters, figures and word “Rs. 20.58 crore including a corpus fund of Rs. 9 crore” shall be substituted.