Notification No. 49/2021 [F. No. 203/29/2014-ITA.II] / SO 1767(E)

Last updated: 12 May 2021

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This notification from the Central Board of Direct Taxes, dated 6th May 2021, modifies previous guidelines regarding agricultural extension projects under Section 35CCC of the Income Tax Act. It clarifies the assessment years for which such projects are notified, extending up to AY 2017-18, and specifies the sanctioned expenditure for these projects from AY 2015-16 to AY 2017-18. The total sanctioned expenditure for each of these assessment years is Rs. 10,82,00,000.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 6th May, 2021

FORM NO. 3CP

S.O. 1767(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. 16/2015 dated 16.02.2015, issued vide F.No. 203/29/2014-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.16/2015 (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	10,82,00,000*
			2016-17	10,82,00,000
			2017-18	10,82,00,000
		*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. 49/2021/F. No. 203/29/2014-ITA.II]
PRAJNA PARAMITA, Director

FAQ :

This notification modifies previous guidelines concerning agricultural extension projects under Section 35CCC of the Income Tax Act, 1961.

The agricultural extension project is notified from the date of formal issue of Notification No. 16/2015 (16.02.2015) up to Assessment Year 2017-18.

The total sanctioned expenditure for each assessment year (2015-16, 2016-17, and 2017-18) is Rs. 10,82,00,000, excluding the cost of land or building.

The sanctioned expenditure for the relevant period is allowed with effect from 16.02.2015, as the project received approval from a subsequent date in FY 2014-15 (AY 2015-16).

This notification is issued under Section 35CCC of the Income-tax Act, 1961.