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of <h1>Karnataka Project's Eligibility Extended Under Section 35AC for 3 More Years; No Tax Exemption for 2013-14.</h1> The Central Government has extended the eligibility of a project by a development society in Karnataka under Section 35AC of the Income-tax Act, 1961. The project, initially approved for three years ending in the financial year 2012-13, involves evening classes for school dropouts, self-help group formation, vocational training, and other activities, with an estimated cost of 1.74 crore. Following a recommendation from the National Committee for Promotion of Social and Economic Welfare, the project is now extended for another three years, covering 2013-14 to 2015-16. However, no tax exemption is available for the financial year 2013-14.
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