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of <h1>Vatsalya Trust Mumbai's Project Cost Increased to 5 Crore; Tax Deduction Extended to FY 2016-17 under Section 35AC.</h1> The Central Government has amended a previous notification regarding the Vatsalya Trust in Mumbai, initially recognized under Section 35AC of the Income-tax Act, 1961, for projects such as an orphanage, Balika Ashrama, old age home, and child-parent guidance centers. Initially approved for a project cost of 1.92 crore, the cost has now been increased to 5.00 crore. This amendment extends the project's eligibility for tax deductions up to the financial year 2016-17, following recommendations from the National Committee for Promotion of Social and Economic Welfare, which confirmed the project's proper execution.
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