of India vide Notification No.S.O 3265(E) dated 24-Oct-2016 fully exempted all donations made on or before 31-03-2017 to "Guruvayur Devaswom Vision 2020" projects under "Section 35AC of the Income Tax Act 1961". Guruvayur Devaswom will issue Income Tax exemption Certificate
in the prescribed format on receipt of the donations.
Highlights of Notification : Section 35 AC - Eligible projects or schemes - recommendations of the National Committee for Promotion of Social and Economic Welfare. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION NO. 65/2016 New Delhi,the 24th October,2016 S.O 3285(E) - in exercise of the power conferred by sub-section (I) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act,1961 (43 of 1961), the Central Goverment ,on the recommendation of the National Committee for promotion of social and Economic Welfare,hereby notifies the institutions approved by the said National Committee,mentioned in column(2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35 AC for the period of approval, namely:-
|Name of the Institution/Organization||Project or scheme and estimated cost thereof||Maximum amount of cost to be allowed as deduction under section 35AC and period of approval|
Guruvayur Vision 2020
|Approved the cost of Rs. 351.83 crore for financial year 2016-17|
II. This notification shall remain in force for the period of and in relation to financial year in respect of the projects or schemes mentioned above against the respective institutions/projects.
III. The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014.