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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 No
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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.
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Source : https://www.incometaxindia.gov.in/communications/notification/notification_47_2021.pdf