The Central government, last day extended the tenure of the Chairman and Members of the National Committee for Promotion of Social and Economic Welfare for a period of six months. The committee is now headed by the former Chief Justice of India, Justice R.C. Lahoti.
The committee was formed in order to promote reinvestment of business profits in areas where massive capital input is required for socio-economic development, a tax incentive has been provided under Section 35AC of the Income Tax Act, 1961 allowing for full deduction of the entire amount paid by a taxpayer carrying on a business or profession for financing projects or schemes promoting social and economic welfare. In the case of other taxpayers, the deduction is allowed under section 80GGA of the Income Tax Act from his gross total income.
Shri Amardeep Singh Cheema, Dr. Amiya Kumar Sharma, Shri Baldev Chowdhary, Smt. Chetna Sinha, Shri D.R. Mehta, Shri Enrico Piperno, Shri Habib A. Fakih, Prof. Naladi Samuyelu, Dr. Naresh Gupta, Shri Sanjiv Kumar Arora, Smt. Shameema Raina, Smt. Shashikala Vamanan and Shri Vinayak Lohani are the other members of the Committee.
The term of the Chairman and members of the aforesaid Committee ended on 30th March, 2018. The Government has, earlier extended the term for a further period of six months i.e. upto 30th September, 2018 vide notification number S.O. 1658(E) dated the 17th April, 2018.
Now, a further extension has been given to the chairman and Members of the committee for a period of six months w.e.f. 1st October, 2018.
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