30 November 2013
What is the procedure and process to be adopted for getting approval under section 35Ac of IT act.
1- Who can make application for approval under eligible projects u/s 35AC ? 2- Where to make application and other legal formalities to be complied? 3- What are the practical procedure to be followed or made in this aspect, to get approval. 4 - who can claim deduction u/s 35 AC? 5 - other reqiremts
30 November 2013
1. any public sector company or a local authority or to an association or institution can make the application
2. the application is to be made under rule 11L to Secretary to the National Committee for Promotion of Social and Economic Welfare, Department of Revenue, Government of India, North Block, New Delhi - 110 001
3. The procedure has been laid down under Rule 11L.
4. Any assessee offering income under "Business /profession" can claim deduction under 35AC for the payments made to such approved organizations.
5. Refer Rule 11L for the whole process. It is self explanatory.
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