Notification u/s 35AC - Notifies the scheme Cost of construction of school building primarily for providing free education belonging to the economically weaker sections of the society and also the cost of providing free education to the poor children with food, clothing, study material and health care - 50/2012 - Income Tax

Govt extends Section 35AC tax benefits for school project aiding underprivileged children until 2014-15; Rs. 6.50 crore budget unchanged.

The Central Government has extended the eligibility of a project under section 35AC of the Income-tax Act, 1961, for an additional three years. This project, managed by a specified society, involves constructing a school building to provide free education and associated support to children from economically weaker sections. Initially approved for the financial years 2009-10 to 2011-12, the project will now continue through 2012-13, 2013-14, and 2014-15, with an unchanged approved cost of Rs. 6.50 crore. The extension follows a recommendation from the National Committee for Promotion of Social and Economic Welfare, confirming the project's proper execution.