Section 35AC exemption approvals permit specified social welfare projects to claim tax deductions subject to eligibility and compliance conditions. Exemption under section 35AC approves named institutions and specified projects, setting estimated costs and maximum deductible amounts and tying approvals to specified financial years. Approvals are subject to conditions including public notices that benefits to economically weaker sections are free, maintenance of beneficiary records, Chartered Accountant certification with returns that at least 50% of beneficiaries are from economically weaker sections and received full benefits free, phase or centre limitations, land-use conversion where required, and National Committee monitoring for certain projects.
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.
Section 35AC exemption approvals permit specified social welfare projects to claim tax deductions subject to eligibility and compliance conditions.
Exemption under section 35AC approves named institutions and specified projects, setting estimated costs and maximum deductible amounts and tying approvals to specified financial years. Approvals are subject to conditions including public notices that benefits to economically weaker sections are free, maintenance of beneficiary records, Chartered Accountant certification with returns that at least 50% of beneficiaries are from economically weaker sections and received full benefits free, phase or centre limitations, land-use conversion where required, and National Committee monitoring for certain projects.
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