TMI BlogAmendment of Income-tax Rules, 1962 - INSERTION OF RULES 6AAD & 6AAE AND FORM NOS. 3C-O & 3CPX X X X Extracts X X X X X X X X Extracts X X X X ..... ave prior approval of the Ministry of Agriculture, Government of India; and (iii) the expenditure (not being expenditure in the nature of cost of any land or building) exceeding an amount of twenty-five lakh rupees is expected to be incurred for the project. (2) An assessee, before undertaking any agricultural extension project, shall make an application for notification of such project under sub-section (1) of section 35CCC , in duplicate, in Form No. 3C-O, to the Commissioner of Income-tax or the Director of Income-tax, as the case may be, having jurisdiction over the assessee. (3) The assessee shall also send a copy of the application in Form No.3C-O to the Member (IT), Central Board of Direct Taxes (hereinafter referred to as the CBDT) accompanied by the acknowledgement receipt, as evidence of having furnished the application form in duplicate, in the office of the Commissioner of Income-tax or the Director of Income-tax, as the case may be, having jurisdiction over the case. (4) The application shall be accompanied by the following, namely :-- (a) a detailed note on the agricultural extension project to be undertaken by the assessee; (b) details of the expen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hree months from the end of the month in which it receives the report referred to in sub-rule (8) from the Commissioner of Income-tax or the Director of Income-tax, as the case may be, under sub-section (1) of section 35CCC , issue a notification in Form No. 3CP to be published in the Official Gazette specifying the agricultural extension project subject to conditions mentioned in rule 6AAE or such other conditions, as it may deem fit, to be effective for such period not exceeding three assessment years or pass an order rejecting the application. (11) If the CBDT is satisfied with the activities of the agricultural extension project during the period of notification, it may notify the said project for a further period. (12) A copy of the notification issued under sub-rule (10) or sub-rule (11) shall be sent to the applicant, Ministry of Agriculture, Government of India, the Commissioner of Income-tax or the Director of Income-tax, as the case may be, the Department of Agriculture of the concerned State, and the Agricultural Technology Management Agency (ATMA) of the concerned District(s). (13) The CBDT may rescind the notification issued under sub-rule (10) or sub-rule (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5) All expenses (not being expenditure in the nature of cost of any land or building), as reduced by the amount received from beneficiary, if any, incurred wholly and exclusively for undertaking an eligible agricultural extension project shall be eligible for deduction under section 35CCC : Provided that any expenditure incurred on the agricultural extension project which is reimbursed or reimbursable to the assessee by any person, whether directly or indirectly, shall not be eligible for deduction under section 35CCC. (6) The assessee shall, on or before the due date of furnishing the return of income under sub-section (1) of section 139 , furnish the following to the Commissioner of Income-tax or the Director of Income-tax, as the case may be, namely: (a) the audited statement of accounts of the agricultural extension projects for the previous year along with the audit report and amount of deduction claimed under sub-section (1) of section 35CCC ; (b) a note on the agricultural extension project undertaken by it during the previous year and the programme of agricultural extension project to be undertaken during the current year and the financial allocation for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the agricultural extension project(Give a brief write up on the requirement of agricultural extension project indicating the objectives of the project, stages of implementation, expected results and usefulness of the Project.) 3. Details of expenses (other than land or building) expected to be incurred for agricultural extension project. 4. Amount, if any, proposed to be charged from each beneficiary of agricultural extension project. 5. Agricultural extension projects undertaken by the applicant: (i) agricultural extension projects undertaken by the assessee during last five years, if any along with their current status. (ii) Details of agricultural extension projects which have been taken up in past and which are underway on the date of filing of application. 6. Whether the agricultural extension project approved by Ministry of Agriculture, Government of India. (Enclose a copy of letter obtained from the Ministry of Agriculture, Government of India) 7. Details of Return of Income filed for the last three Assessment years: Assessment Year Turnover/Gross receipts Total Income Tax Payable as p ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
