News from Shirdi: Income Tax rule 1961 clause 35 AC to Shri Saibaba Sansthan

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News from Shirdi: Income Tax rule 1961 clause 35 AC to Shri Saibaba

Sansthan

 

Finance ministry of Government of India has granted the permission of

100 percent exemption in the Income Tax on the amount of donations

being given by Sai devotees to the Sansthan. This exemption will be

as per the Income Tax rule 1961 clause 35 AC. Chairman, Vice-chairman

and Executive officer of the Sansthan, MLA Jayant Sasane, Shankarrao

Kolhe and Bhausaheb Wakchaure respectively informed jointly in a

press release here.

 

Ministry of the Central Government has published this information in

the gazzate of India. This sanction is given under the scheme of

social, economical, health, educational developments and essential

facilities for the Sansthan. Sansthan can collect the donations upto

Rupees 75 crores under this scheme. Uptil now, donors were getting 50

percent excemption in Income Tax on donated amount as per clause 80G.

Thereafter the donors will get 100 percent exemption in Income Tax on

donated amounts as per clause 35 AC.

 

The donations to be received under this scheme will be utilised for

hospital, school, museum and food supply. Economically backward

people can get the benefit under this scheme. The period of this

scheme is from financial year 2008 to 2011. As per the gazzate

published on February 3rd 2008, by the Finance Ministry of India, 12

such organisations(centers) got this permission. Shri Sai Baba

Sansthan Trust (Shirdi) has got the highest limit of collection of

donation i.e. Rupees 75 crores, is a matter of appreciation.

 

The donors are appealed to take the benefit of this scheme, informed

by Mr. Sasane, Mr. Kolhe and Mr. Wakchaure.