Laws and sections by number or title, due dates, pages, and updates.
The Central Government notifies the extension of an eligible project for three financial years and updates the approved project cost. The project scope covers the expansion of PBMA’s H.V. Desai Eye Hospital by The Poona Blind Men’s Association in Maharashtra. The approval applies to the financial years 2015-16, 2016-17, and 2017-18. The maximum amount of cost to be allowed as a deduction under section 35AC increases from Rs. 7.14 crore to Rs. 39.39 crore based on the recommendation of the National Committee for Promotion of Social and Economic Welfare.
Key dates
Who is affected
Thresholds
Ask about this notification
म0 खन लाल मीना, उप सिचव (रा <ीय सिमित)
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 15th June, 2015
S.O. 1571 (E).—Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 614 (E) dated 18th March, 2010, 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 notified at serial number 20, “Expansion of PBMA’s H.V Desai Eye Hospital project by setting up Dharamsey Nensy Super Speciality Eye Care Centre, Institute of Ocular Surface Management, Department of Community Ophthalmology, Doctors quarters and canteen” by “The Poona Blind Men’s Association, PBMA’S H.V. Desai Eye Hospital S.No. 93/2, Tarawae Vasti, Mohammadwadi, Hadaspsar, Pune- 411 060, Maharashtra”, as an eligible project or scheme for a period of three years beginning with financial year 2009-10 and which was further extended for a period of three years commencing with financial years 2012-13 vide S.O. No. 2409 (E) dated 9.10.2012;
And whereas the project cost is likely to enhance from Rs. 7.14 crore to Rs. 39.39 crore;
And whereas the said project or scheme is likely to extend beyond six 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 extending the said project or scheme for a further period of three years and amending the project cost from Rs. 7.14 crore to Rs. 39.39 crore;
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 “Expansion of PBMA’s H.V Desai Eye Hospital project by setting up Dharamsey Nensy Super Specialty Eye Care Centre, Institute of Ocular Surface Management, Department of Community Ophthalmology, Doctors quarters and canteen” which is being carried out by The Poona Blind Men’s Association, PBMA’S H.V. Desai Eye Hospital S.No. 93/2, Tarawae Vasti, Mohammadwadi, Hadaspsar, Pune- 411 060. Maharashtra, as an eligible project or scheme for a further period of three years commencing with the financial year 2015-16, i.e. 2015-16, 2016-17 and 2017-18 and;
(b) further amends the said notification number S.O. 614(E) dated the 18.3.2010, to the following effect, namely :—
In the said notification, in the Table against serial number 20, in column (4) maximum amount of cost to be allowed as deduction under section 35 AC of Income Tax Act, 1961, for the letters, figures and word “Rs. 7.14 crore”, the letters, figures and word “Rs. 39.39 crore” shall be substituted.
[No. 141/2015 / F.No.V. 27015/1/2015-SO (NAT.COM)] MAKKHAN LAL MEENA, Dy. Secy. (National Committee)
