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of <h1>Central Government Extends Tax Deduction Eligibility for Kolkata Literacy Project Under Section 35AC Until 2017</h1> The Central Government has extended the eligibility of a literacy project run by an organization in Kolkata under Section 35AC of the Income Tax Act, 1961. Initially approved in 2001, the project involves operating One Teacher Schools in tribal areas across multiple states. The project, initially estimated at 867 lakh, has seen its cost increase to 12,630 lakh. The National Committee for Promotion of Social and Economic Welfare has recommended extending the project for another three years, from 2014-15 to 2016-17, with the revised cost now eligible for tax deductions.
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