Exemption Under Section 35AC(1)- “Satya Bharti Schools (establishing and supporting 250 primary schools as well as non-formal education)” by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi - 83/2010 [F.NO. V.27015/3/2010-SO(NAT.COM)]/S.O. 2529(E) - Income Tax

Central Government Amends Notification for Satya Bharti Schools Project; Increases Funding Under Section 35AC of Income-tax Act.

The Central Government has amended a previous notification regarding the 'Satya Bharti Schools' project by Bharti Foundation, which aims to establish and support 250 primary schools and non-formal education initiatives. Initially notified in 2007 for three years and extended in 2010, the project's estimated cost increased from Rs. 35 crore to Rs. 115 crore, including a corpus fund increase from Rs. 10 crore to Rs. 45 crore. The National Committee for Promotion of Social and Economic Welfare recommended enhancing the corpus fund while maintaining the approved cost, leading to this amendment under Section 35AC of the Income-tax Act, 1961.