Agricultural extension project compliance requires separate books, audit, prescribed disclosures, and limits on beneficiary receipts and project benefits. Conditions for notification of an agricultural extension project under section 47(1)(a) require separate books of account, audit by an accountant, and audit comments on the true and fair view of the accounts, genuineness of activities, and compliance with the Act, rules, and notification conditions. The assessee must not receive excess beneficiary contributions or derive direct or indirect benefit other than eligible expenditure deduction, and must furnish audited statements, project notes, financial allocation, and a ministry certificate by the return due date. Non-compliance, lack of genuineness, or cessation of activity may be reported to the Board for action.
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Agricultural extension project compliance requires separate books, audit, prescribed disclosures, and limits on beneficiary receipts and project benefits.
Conditions for notification of an agricultural extension project under section 47(1)(a) require separate books of account, audit by an accountant, and audit comments on the true and fair view of the accounts, genuineness of activities, and compliance with the Act, rules, and notification conditions. The assessee must not receive excess beneficiary contributions or derive direct or indirect benefit other than eligible expenditure deduction, and must furnish audited statements, project notes, financial allocation, and a ministry certificate by the return due date. Non-compliance, lack of genuineness, or cessation of activity may be reported to the Board for action.
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