In 1992, the Government introduced sec. 35AC. This allowed NGOs and companies spending money on priority social welfare projects 100% deduction for the amounts spent. Many NGOs raised and spent large amounts of funds under this. In 2014-15, companies spent nearly Rs.2,600 crores on projects under sec. 35AC.
This provision is now being retired after 25 years of active service. No deductions will be permitted under this after 31-Mar-2017.
This provision is now being retired after 25 years of active service. No deductions will be permitted under this after 31-Mar-2017.
