Exemption under section 35AC: approved charitable projects qualify for specified project cost deductions for eligible assessment years. The Central Government approves specified charitable institutions and their named projects as eligible for deduction under section 35AC, listing for each the project description, estimated cost and the maximum amount of that cost allowable as a deduction. Projects include hospital construction and running, rural roads, watershed development, social and vocational programmes, and services for the visually impaired; some deductible caps expressly include corpus funds. The notification is effective for a three-year period for the assessment years named and records later substitutions to certain cost figures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption under section 35AC: approved charitable projects qualify for specified project cost deductions for eligible assessment years.
The Central Government approves specified charitable institutions and their named projects as eligible for deduction under section 35AC, listing for each the project description, estimated cost and the maximum amount of that cost allowable as a deduction. Projects include hospital construction and running, rural roads, watershed development, social and vocational programmes, and services for the visually impaired; some deductible caps expressly include corpus funds. The notification is effective for a three-year period for the assessment years named and records later substitutions to certain cost figures.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
