U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Childline India Foundation, Mumbai - S.O.1533 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No.50 /2016 New Delhi, the 26th April, 2016 S.O.1533 (E). - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.81(E) dated the 24th January, 2005 , 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 specified at serial number 4, for Childline India Foundation by Childline India Foundation, 2nd Floor, Nanachowk Municipal School, Frere Bridge Low Level, Near Grant Road Station, Mumbai-400 007 , as an eligible project or scheme for a period of three years beginning with financial year 2004-2005; which was extended further vide notification number 1159(E) dated 16th July, 2007 for a period of three years beginning with financial year 2007-08, which was vide Notification number S.O. 1792 (E) dated 21st July, 2010 further extended for a period of three years ending with financial year 2012-2013 and which was vide Notification number S.O. 3164(E) dated 17.10.2013 further extended for a period of three years ending with financial year 2015-2016. And whereas by notification number 3164 (E) dated 17th October, 2013, the estimated cost was enhanced from Rs. 2.66 croreto Rs. 4.66 crore; And whereas the said project or scheme is likely to extend beyond twelve 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. However, 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 ; 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 for Childline India Foundation, which is being carried out by Childline India Foundation, 2nd Floor, Nanachowk Minicipal School, Frere Bridge Low Level, Near Grant Road Station, Mumbai-400 007 , as an eligible project or scheme, for a further period of three years without any change in the approved cost of Rs. 4.66 crorebeginning with financial year i.e. 2016-17, 2017-18 and 2018-19; (b). 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. [F.No.V. 27015/1/2016-SO (NAT.COM)] MAKKHAN LAL MEENA,Dy. Secy. (National Committee)