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of <h1>Government Approves Tax Deductions for Projects u/s 35AC: Old Age Homes, Schools, Hospitals, and More.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved several institutions for eligible projects and schemes, allowing specified deductions. These projects include construction and development initiatives such as old age homes, special schools, hospitals, orphanages, and community welfare programs across various states. The financial allocations for these projects range from Rs. 50.37 lakhs to Rs. 165.5 crores, with specific conditions for some projects to ensure benefits for economically weaker sections. The notification is valid for the financial years 2003-04 to 2006-07, varying by project.
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