Govt. Notifies more Institutions/ Projects eligible for Deduction u/s 35AC (FY 2016-17)

More Institutions/ Projects/ Schemes eligible for Deduction u/s 35AC (FY 2016-17) Notified by Govt., along with cases of Approval of Enhancement/ Extension

The Govt. has notified 2 lists of eligible projects/ schemes/ institutions for deduction under Section 35AC of the Income Tax Act, 1961 during the Financial Year 2016-17 and also the cases where enhancement/ extension is approved, as under:

A. Eligible Projects FY 2016-17

i) GOI Notification No. 65/2016 dt. 24 Oct. 2016 F. No. V. 27015/5/2016-SO (NAT.COM)

S.O. 3285(E).—In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35 AC for the period of approval, namely:- for Table (please refer attachment)

II. This notification shall remain in force for the period of and in relation to financial year in respect of the projects or schemes mentioned above against the respective institutions/projects.

III. The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014.

GOI Notification 65/2016 dt. 24 Oct. 2016 Eligible Projects (list 2) S. 35AC (FY 2016-17)

ii) GOI Notification No. 61/2016 dt. 22 Sept. 2016 F.No.V.27015/4/2016-SO (NAT.COM)

S.O. 3018(E).— In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to Section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval, namely:— for Table (please refer attachment)

II. This notification shall remain in force for the period of and in relation to financial year in respect of the projects or schemes mentioned above against the respective institutions/projects.

III. The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules, 2014.

GOI Notification 61/2016 dt. 22 Sept. 2016 Eligible Projects (list 1) S. 35AC (FY 2016-17)

B. Enhancements/ Extensions

i) GOI Notification No. 66/2016 dt. 24 Oct. 2016 [F.No.V.27015/5/2016-SO (NAT.COM)

S.O. 3286(E).—In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, under sub-rule (5) of Rule 11M of the Income Tax Rules, 1962 hereby notifies the extension of the projects/schemes for a further period and/or enhanced sanctioned cost for the existing projects/schemes for exemption under section 35 AC of the Income Tax Act, 1961, in respect of the associations and institutions approved by the said National Committee, mentioned in the Table below: for Table (please refer attachment)

II. This notification shall remain in force for the period of and in relation to financial year in respect of the projects or schemes mentioned above against the respective institutions/projects.

III. The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules, 2014.

GOI Notification 66/2016 dt. 24 Oct. 2016 35AC Deduction Enhancement/ Extensions (list 2)

ii) GOI Notification No. 63/2016 dt. 22 Sept. 2016 [F.No.V.27015/4/2016-SO (NAT.COM)

S.O. 3018(E).—In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35 AC for the period of approval, namely:— for Table (please refer attachment)

II. This notification shall remain in force for the period of and in relation to financial year in respect of the projects or schemes mentioned above against the respective institutions/projects.

III. The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014.

GOI Notification 63/2016 dt. 22 Sept. 2016 35AC Deduction Enhancement/ Extensions (list 1)

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