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of <h1>Central Government Amends Project Costs u/s 35AC of Income-Tax Act; Increases Funding Limits for Key Projects.</h1> The Central Government, based on the National Committee's recommendation, has amended Notification No. S.O. 602(E) dated 12th August 1993 under section 35AC of the Income-tax Act, 1961. The amendments include changes to the maximum approved costs for projects listed in the notification. Specifically, for serial number 1, the cost is revised from Rs. 4,76,226 to Rs. 6.80 lakhs, and for serial number 3, from Rs. 5.5 crore to Rs. 17.57 crore. Additionally, the notification's validity is adjusted to remain effective for specified periods concerning different assessment years and project serial numbers.
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