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of <h1>Basavanagudi Aquatic Centre's Swimming Pool Project in Bangalore Gains 3-Year Extension u/s 35AC, Income Tax Act.</h1> The Central Government has extended the eligibility of the 'International Standard Swimming Pool' project by Basavanagudi Aquatic Centre in Bangalore as a qualified project under Section 35AC of the Income Tax Act, 1961. Initially approved for three years ending in the 2014-15 financial year with an estimated cost of Rs. 2.67 crore, the project is now extended for another three years, covering 2015-16 to 2017-18, with no change in the approved cost. The exemption under Section 35AC does not apply to funds received under Schedule VII of Section 135 of the Companies Act and CSR Rules 2014.
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