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Direct Tax Notification No. 262-2002 dated 10th September, 2002 |
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Topic |
Extension of the project u/s 35AC |
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Sub Topic |
SEWA-Rural (Society for Education, Welfare and Act |
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Summary |
The Central Government has specfied the scheme or project being carried out by "SEWA-Rural (Society for Education, District Bharuch-393110" as an eligible project under section 35AC(1)(b), for a further period of three years commencing from A.Y. 2003-2004. The maximum cost allowed for the project has been estimated to Rs.518.50 lakhs including a corpus fund of Rs. 100 lakhs. | |
Direct Tax Notification No. 262-2002 dated 10th September, 2002
Whereas by notification of the Government of India in the Ministry of Finance number S.O.228(E) dated the 17th March, 1994, 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 6, for Integrated Rural Development through health and medical services for rural poor and tribals, vocational training to tribals and rural poor between age of 15 to 35 years for poverty alleviation, income generation activities for development of women, promotion of gramodyog (cottage industries] for poverty alleviation and help to rural poor for constructing low cost houses, by SEWA-Rural (Society for Education, Welfare and Action-Rural), At & Post Office Jhagadia, District Bharuch-393110 as an eligible project or scheme for a period of three years beginning with assessment year 1994-1995 which was extended further vide notification number S.O.403(E) dated 6th June, 1996 for a period of three years beginning with assessment year 1997-1998 and which was extended further vide Notification No.S.O.748(E) dated 10th September, 1999 for a period of three years beginning with assessment year 2000-2001;
And whereas the said project or scheme is likely to extend beyond nine years;
And whereas the National Committee, 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 and amending the project cost from Rs.418.50 lakhs to Rs.518.50 lakhs including a corpus fund of Rs. 100.00 lakhs;
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 specifies the scheme or project of, Integrated Rural Development through health and medical services for rural poor and tribals, vocational training to tribals and rural poor between age of 15 to 35 years for poverty alleviation, income generation activities for development of women, promotion of gramodyog (cottage industries) for poverty alleviation and help to rural poor for constructing low cost houses; which is being carried out by SEWA-Rural (Society for Education, Welfare and Action-Rural), At & Office Jhagadia, District Bharuch-393110; as an eligible project or scheme for a further period of three years beginning with assessment year 2003-2004; and
(b) further amends the said notification number S.O.228(E) dated the 17th March, 1994, to the following effect, namely: -
In the said notification, in the Table against Serial number 6, in column (4) relating to maximum cost for which allowed, for the letters, figures and word "Rs.418.50 lakhs, the letters, figures and word "Rs.518.50 lakhs including a corpus fund of Rs. 100.00 lakhs" shall be substituted.
Sd/-
(G.C.Srivastava| Secretary
(National Committee)
F.No. NC-80/2002
Issued by:
Ministry of Finance and Company Affairs
Department of Revenue
New Delhi.
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