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of <h1>Affordable housing projects can qualify as specified businesses under Section 35AD by meeting criteria and submitting Form No. 3CN.</h1> The guidelines for notifying affordable housing projects as specified businesses under Section 35AD of the Income Tax Act outline the application process and conditions for approval. Applicants must submit Form No. 3CN to the Central Board of Direct Taxes. Projects must meet criteria such as commencing operations after April 1, 2011, occupying a minimum of one acre, and allocating specific percentages of rentable area to various income groups. The project must be completed within five years of sanction. Separate accounts must be maintained for tax deductions, and the Board retains the right to withdraw approval if conditions are not met.
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