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of <h1>Government Approves Tax Deductions for Development Projects u/s 35AC of Income Tax Act for 2004-2007 Assessment Years.</h1> The Central Government, under Section 35AC of the Income Tax Act, 1961, has approved various institutions for eligible projects or schemes, allowing specific costs as deductions for assessment years 2004-2005 to 2006-2007. The projects include construction and development initiatives by several organizations, such as building schools, dispensaries, and sports complexes, running health and mid-day meal programs, and conducting medical camps. Each project has specified conditions, such as displaying public notices about free or concessional benefits. The notification remains effective for three years, with amendments made to the estimated project costs over time.
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