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of <h1>Om Creations Trust's Mumbai Project Gets Section 35AC Tax Exemption Extension Until 2018; CSR Funds Not Included.</h1> The Central Government has extended the eligibility of the 'Land and Building project' by Om Creations Trust in Mumbai as an eligible project under Section 35AC of the Income Tax Act, 1961. Initially approved for three years ending in the 2014-15 financial year, the project is now extended for an additional three years, covering 2015-16 to 2017-18, with an unchanged estimated cost of Rs. 37.70 crore. However, the exemption under Section 35AC does not apply to funds received under Schedule VII of Section 135 of the Companies Act and Companies (CSR) Rules 2014.
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