SECTION 35AC OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES

NOTIFICATION NO. SO 3057(E) [NO.247/2015 (F.NO.V.27015/3/2015-SO (NAT.COM))], DATED 10-11-2015

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. No. 1250 (E) dated 18.05.2009, 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 10, “Ensuring Children Learn” by “Naandi Foundation, 502, Trendset Towers, Road 2, Banjara Hills, Hyderabad 500- 034”, as an eligible project or scheme for a period of three years at the projected cost of Rs.3.45 crore ending with financial year 2011-12 and which was extended further vide notification number S.O. 3183(E) dated the 17.10.2013 for a period of three years ending with financial year 2014-15;

And whereas the said project or scheme is likely to extend beyond six years;

And whereas the project cost is likely to enhance from Rs. 3.45 crore to Rs. 6.77 crore;

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 projct cost from Rs. 3.45 crore to Rs. 6.77 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 specifies the scheme or project “Ensuring Children Learn”, which is being carried out by “Naandi Foundation, 502, Trendset Towers, Road 2, Banjara Hills, Hyderabad 500- 034, as an eligible project or scheme for a further period of three years commencing with financial year 2015-16 i.e 2015-16, 2016-17 & 2017-18 and;

(b) further amends the said notification number S.O. 1250 (E) dated 18.05.2009, to the following effect, namely :—

In the said notification, in the Table against serial number 10, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and word “Rs. 3.45 crore”, the letters, figures and word “Rs. 6.77 crore” shall be substituted.