Notification No. 47/2021 [F.No. 203/31/2014-ITA.II] / SO 1765(E)

Last updated: 12 May 2021

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This notification from the Central Board of Direct Taxes (CBDT) modifies previous rules regarding agricultural extension projects under the Income-tax Act, 1961. Specifically, it clarifies the assessment years for which such projects are notified and the total expenses that can be claimed. The period now extends from the initial notification date of 16.02.2015 up to Assessment Year 2017-18.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 6th May, 2021
FORM NO. 3CP

S.O. 1765(E).—The Central Board of Direct Taxes, in exercise of its powers under section 35CCC of the Income-tax Act,1961 (43 of 1961) read with Rules 6AAD and 6AAE of the Income-tax Rules,1962 and in partial modification of the Notification No. 14/2015 dated 16.02.2015, issued vide F.No. 203/31/2014-ITA.II, hereby specifies that Sl.No.7 and Sl.No.8 of said Notification shall be read as below:

7	Assessment Year(s) for which the agricultural extension project is being notified (not exceeding three years).	From date of formal issue of Notification No.14/2015 (i.e.) 16.02.2015 till A.Y. 2017-18.
8.	Total expenses likely to be incurred for the agricultural extension project (other than cost of land or building).		Assessment Year	Sanctioned expenditure (Amount in Rs.)
			2015-16	8,53,00,000*
			2016-17	8,53,00,000
			2017-18	8,53,00,000
		*However, as project has been accorded approval from subsequent date in the F.Y. 2014-15, i.e., A.Y. 2015-16, the sanctioned expenditure for the relevant period is to be allowed w.e.f. 16.02.2015.

[Notification No. 47/2021/F.No. 203/31/2014-ITA.II]
PRAJNA PARAMITA, Director

FAQ :

This notification from the Central Board of Direct Taxes modifies the rules for agricultural extension projects concerning income tax, specifically regarding the assessment years and expenses that can be claimed.

This notification is issued under section 35CCC of the Income-tax Act, 1961, read with Rules 6AAD and 6AAE of the Income-tax Rules, 1962.

The agricultural extension projects are now notified for assessment years from the date of the original Notification No. 14/2015 (16.02.2015) up to Assessment Year 2017-18.

The sanctioned expenditure for the agricultural extension project is Rs. 8,53,00,000 for each of the Assessment Years 2015-16, 2016-17, and 2017-18.

As the project received approval from a date in FY 2014-15 (AY 2015-16), the sanctioned expenditure is allowed with effect from 16.02.2015.