Delhi HC: Property Disputes Between In-Laws and Daughter-In-Law are Not Exclusively For Family Court  ||  Delhi High Court: After Probate is Granted, A Will Does Not Require Fresh Proof under Section 68  ||  Ker HC: Periodic Replacement and Maintenance of Prosthetic Limb Must Be Included in Compensation  ||  Madras High Court: DNA Test Not Required For Mother to Donate Kidney to Her Son  ||  Delhi HC: Pre-Summoning Evidence Opportunity Must be Granted Even in Civil-Natured Criminal Cases  ||  J&K&L HC: UAPA Trials Cannot Linger and Must Proceed With Day-To-Day Hearing under NIA Act  ||  Allahabad HC: FIR in Disproportionate Assets Case Not Vitiated For Lack of Pre-Registration Hearing  ||  Allahabad HC: FIR in Disproportionate Assets Case Not Vitiated For Lack of Pre-Registration Hearing  ||  Delhi HC: Private Schools May Increase Fees Without Prior Approval if Declared Before Session Begins  ||  Supreme Court: Omission of Accused in Inquest Report Alone Does Not Indicate Innocence    

Approval of Eligible Projects or Schemes under Section 35AC of the Income Tax Act, 1961- (Press Information Bureau) (19 Aug 2016)

MANU/PIBU/0710/2016

Direct Taxation

Section 35AC of the Income Tax Act 1961, inter alia provides for a deduction in computing the business income of an assessee, of the amount paid by him to a Public Sector company or a local authority or to an association or institution approved by the National Committee for carrying-out any eligible project or scheme.

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this Section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under Section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (Assessment Year 2017-18) in respect of the payments made to association or institution already approved by the National Committee for carrying-out any eligible project or scheme. In view of the above, it may be noted that requests received after 31st December, 2016 for the grant/modification/extension of approval beyond 31st March, 2017 under Section 35AC of the Income-Tax Act shall not be considered/entertained by the National Committee.

Tags : PROJECTS   APPROVALS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved