U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Gayatri Urban and Rural Development Society, Karnataka - 10/2015 - Income Tax

NOTIFICATION NO. 10/2015 DATED 6-1-2015 S.O. 61(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2349(E) dated 28.9.2010 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 5, Evening classes for school dropout children, formation of self-help group, vocational training for making of Jute articles and handicraft articles, training programmes on production of wormy compost and corpus fund of ₹ 25 lakh by Gayatri Urban and rural Development society, H.N. 11-168/2, Brahmpur, Gulbarga, Karnataka -585103 , as an eligible project or' scheme, at the estimated cost of Rs, 1.74 crore including a corpus fund of' ₹ 25 lakh, for a period of three years ending with financial year 2012-13. 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. 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 Evening classes for school dropout children, formation of self help group, vocational training for making of Jute articles and handicraft articles, -training programmes on production of wormy compost and corpus fund of ₹ 5 lakh. , which is being carried out by Gayatri Urban and rural Development society, H.N.11-168/2, Brahmpur, Gulbarga, Karnataka - 585103 , without any change in the approved cost of ₹ 1.74 crore including a corpus fund of ₹ 25 lakh, for a further period of three years commencing with financial year 2013-14, i.e., 2013-14, 2014-15 and 2015-16. Since the financial year 2013-14 has already lapsed, no exemption shall be available under Section 35AC of the Income Tax Act, 1961 for the said financial year 2013-14. [F.NO.V.27015/3/2014-SO(NAT.COM)]