Mahavir Heart Research Foundation's Project in Mumbai Gains 3-Year Extension Under Section 35AC; Deduction Limit Raised.
The Central Government has extended the eligibility of the Mahavir Heart Research Foundation's project in Mumbai under Section 35AC of the Income-tax Act, 1961. This project, which includes detection, prevention research, education, diagnosis, treatment of heart patients, and maintaining a guest house, is now recognized for an additional three years from the financial year 2014-15 to 2016-17. The estimated cost eligible for deduction has been increased from Rs. 315.85 lakh to Rs. 442.19 lakh, following the recommendation of the National Committee for Promotion of Social and Economic Welfare.