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No more requests for Grant, Modification, Extension u/s 35 AC shall be considered!
Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to the previous year ending 31-03-2017 (Assessment Year 2017-18) in respect of payments made to association or institution already approved by the National Committee for carrying out any eligible project or scheme.
In this regard, CBDT has notified via press release that requests received after 31-12-2016 for the grant / modification / extension of approval beyond 31-03-2017 under section 35AC of the Income-tax Act shall not be considered.