National Committee for Promotion of Social and Economic Welfare (NCPSEF), Department of Revenue, Ministry of Finance

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. For aforesaid purpose the Central Government has constituted this Committee with the following functions:

  • To approve associations and institutions for the purpose of carrying out any eligible project or scheme; and
  • To recommend to the Central Government projects and scheme of any company including a public sector company, a local authority or an approved association or institution, for being notified as eligible projects or scheme.

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