35AC . (1) Where an assessee incurs any expenditure by way of pay- ment of any sum to a public sector company or a local authority or to an association or institution approved71 by the National Committee for carrying out any eligible project or scheme , the assessee shall, subject to the provisions of this section, be allowed a deduction of the …
9/8/2020 · (1) Where an assessee incurs any expenditure by way of payment of any sum 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 , the assessee shall, subject to the provisions of this section, be allowed a deduction of the amount of such expenditure incurred during the previous year :, 8/18/2010 · Business houses making contribution to such approved projects are allowed the benefits of deducting such contribution as expenditure . 02 The Central Government has constituted a National Committee to identify projects and schemes to be notified under section 35AC , such committee normally consists of eminent persons.
section 35ac of the income-tax act, 1961 – eligible projects or schemes, expenditure on – notified eligible projects or schemes – corrigendeum to notification no. so 2380(e), dated 12-7-2016 notification so 2611 [04-08-2016], Deduction under section 35ac and 80gga. Section 35AC is available to assessees who have income from the head ‘business’ or ‘profession’. Therefore, for the assessees who do do not have income from business or profession, section 80GGA provides for deduction on donations made to eligible projects under section 35AC .
35 AC | Tax Exemption, Tax Utilities > Section 35AC: Eligible Projects, 35 AC | Tax Exemption, 35 AC | Tax Exemption, PERFORMANCE OF THE PROJECT OR SCHEME DURING THE REPORTING PERIOD Donations collected under 35AC Expenditure incurred on the project Nature of the project or scheme Name and address of the project or scheme Total cost of project & amount approved by NC During the reportin g period Cumulative figure Out of donation received u/s 35AC during the, iv) To get approval u/s . 35AC two sets of application have to be made alongwith specified enclosures to secretary of National Committee, New Delhi. v) The National Committee may recommend or reject the project but when the approval is recommended then it is for a period of maximum 3 years and it could be further extended if the National Committee is satisfied with the performance during the period.
