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<h1>Finance Ministry Approves Tax Deductions for Education, Health, and Welfare Projects u/s 35AC of Income-tax Act.</h1> The notification from the Ministry of Finance, dated May 26, 1995, under Section 35AC of the Income-tax Act, 1961, approves various institutions for tax deductions on specific projects. These projects include educational, healthcare, and social welfare initiatives across India, with specified costs and eligible deduction amounts. Notable projects include a drinking water supply project in Andhra Pradesh, free eye services in Gujarat, and rehabilitation centers in Maharashtra. The notification details the duration of approval for these projects, ranging from one to three years, depending on the project and assessment year.