Tax deduction under section 35AC: Sevalaya project extended and project cost ceiling increased; CSR funds excluded. The Central Government notifies extension of eligibility under section 35AC for the Sevalaya school expenses project for three financial years beginning 2016-17 and amends the earlier notification to increase the maximum project cost including the corpus fund. The notification also clarifies that the exemption under section 35AC does not apply to funds received under Schedule VII of Section 135 of the Companies Act and the Companies (CSR) Rules, 2014.