Notification u/s 35AC - Notifies the scheme or project "Home for elderly ladies and corpus for running the projects" which is being carried out by "Shri Bhagini Mitra Mandal, New Sarvoday Society -Palitana, Gujarat State- 364270." - 43/2013 - S.O. 3161(E) - Income Tax

NOTIFICATION NO. 43/2013 DATED 17-10-2013 S.O. 3161(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1250 (E) dated 18th May, 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 11, "Home for elderly ladies and corpus for running the projects" by "Shri Bhagini Mitra Mandal, New Sarvoday Society -Palitana, Gujarat State- 364270.", as an eligible project at the estimated cost of Rs.2.5 crore for a period of three years ending with financial year 2011-12; And whereas the said project or scheme is likely to extend beyond 3 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 specifying the said project or scheme for a further period of three years and also enhancement in the project cost; 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 "Home for elderly ladies and corpus for running the projects" which is being carried out by "Shri Bhagini Mitra Mandal, New Sarvoday Society -Palitana, Gujarat State- 364270.", as an approved project or scheme, for a further period of three years commencing with financial year 2012-13 i.e., 2012-13, 2013-14 2014-15, but with the direction that as the Financial year 2012-13 has already elapsed, no certificate under section 35AC of the IT Act, 1961 shall be issued for the said financial year. 2012-13. (b) hereby amends the said notification number S.O. 1250 (E) dated 18th May, 2009 , 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 words "Rs. 2.55 crore", the letters, figures and words "Rs. 7.13 crore" shall be substituted. [F.NO.V-27015/2/2013-SO (NAT.COM)]