U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Karuna Setu Trust, Vadnagar, Gujarat - S.O.1525 (E) - Income Tax

Exemption under section 35AC extended to Karuna Setu Trust project; CSR Schedule VII contributions excluded from exemption.

The Central Government notifies extension of the Karuna Setu Trust project-running a hospital, purchasing equipment and welfare activities at Vadnagar-as an eligible project under Section 35AC for a further three-year period beginning 2016-17, retaining the previously approved cost inclusive of a corpus fund; the National Committee recommended the extension, and the exemption under Section 35AC is expressly made inapplicable to contributions received under Schedule VII of the Companies Act (CSR funds).