NOTIFICATION NO. SO 3449(E) [NO.275/2015 (F.NO.V.27015/4/2015-SO (NAT.COM)], DATED 17-12-2015

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

NOTIFICATION NO. SO 3449(E) [NO.275/2015 (F.NO.V.27015/4/2015-SO (NAT.COM)]DATED 17-12-2015

Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2835 (E) dated 19.12.2011, 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 10, “Extension of Eye Hospital, Research and Rehabilitation Centre” by “Tara Sansthan, 236 A, Sector-6 Hiran Magri, Udaipur -313002, Rajasthan.”, at the estimated cost of Rs.3.85 crore, as an eligible project or scheme for a period of three years beginning with financial year 2011-12 and which was extended further vide notification number S.O. No. 3843(E) dated 27.12.2013 for a period of three years ending with financial year 2016-17;

And whereas the project cost is likely to enhance from Rs. 3.85 crore including a Corpus Fund of Rs. 50 lakh to Rs. 16.87 crore including a Corpus Fund of Rs. 50 lakh;

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 amending the project cost from Rs. 3.85 crore including a Corpus Fund of Rs. 50 lakh to Rs. 16.87 crore including a Corpus Fund of Rs. 50 lakh;

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 notifies the scheme or project “Extension of Eye Hospital, Research and Rehabilitation Centre”, which is being carried out by “Tara Sansthan, 236 A, Sector-6 Hiran Magri, Udaipur -313002, Rajasthan”, further amends the said notification number S.O. 2835 (E) dated 19.12.2011, 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 of 35AC of Income Tax Act, 1961 for the letters, figures and word “Rs. 3.85 crore including a Corpus Fund of Rs. 50 lakh” the letters, figures and word “Rs. 16.87 crore including a Corpus Fund of Rs. 50 lakh” shall be substituted.