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of <h1>Central Government Extends Section 35AC Tax Benefits for Gujarat Hostel, Medical, Self-Employment Projects Until 2015.</h1> The Central Government has extended the notification of the scheme 'Running of hostel, medical, self-employment projects' by an organization in Gujarat, as an eligible project under section 35AC of the Income-tax Act, 1961. This project was initially approved for three years starting from the assessment year 2004-2005 and subsequently extended. The National Committee for Promotion of Social and Economic Welfare has recommended another extension, now approved for a further three years, covering the financial years 2012-13, 2013-14, and 2014-15, with no change in the approved cost of Rs. 275 lakh.
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