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of <h1>Ministry of Finance Approves Tax Deductions for Education and Training Projects Under Section 35AC of Income-tax Act, 1961.</h1> The notification issued by the Ministry of Finance, Department of Revenue, under section 35AC of the Income-tax Act, 1961, approves certain institutions and their projects for tax deduction eligibility. The approved projects include the construction of a school extension in Mumbai, a computer training center, and other facilities in Tamil Nadu, and a skill training program in West Bengal. The notification specifies the estimated costs and the maximum deductible amounts for each project. It is valid for one year for the Tamil Nadu project and three years for the Mumbai and West Bengal projects, covering assessment years 2002-2003 to 2004-2005.
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