Exemption under section 35AC extended for Noida Lok Manch projects; CSR funds excluded from exemption for a further period. Notification extends the exemption under section 35AC of the Income tax Act to the Noida Lok Manch projects (Noida Public Library and three Sanskar Kendra Schools) for a further three year period beginning 2015-16, on the recommendation of the National Committee, with approved project costs unchanged. The exemption explicitly does not apply to funds received under corporate social responsibility obligations under the Companies Act and associated CSR rules.
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Exemption under section 35AC extended for Noida Lok Manch projects; CSR funds excluded from exemption for a further period.
Notification extends the exemption under section 35AC of the Income tax Act to the Noida Lok Manch projects (Noida Public Library and three Sanskar Kendra Schools) for a further three year period beginning 2015-16, on the recommendation of the National Committee, with approved project costs unchanged. The exemption explicitly does not apply to funds received under corporate social responsibility obligations under the Companies Act and associated CSR rules.
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