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of <h1>Govt extends Section 35AC tax benefits for Bangalore blind academy project until 2018-19; CSR funds excluded.</h1> The Central Government has extended the eligibility of the project 'Construction of dormitory-cum-library and running of rehabilitation/welfare programmes for disabled/blind persons in Bangalore, Karnataka,' managed by an academy for the blind, as an eligible project under Section 35AC of the Income-tax Act, 1961. This extension is for an additional three years, covering the financial years 2016-17, 2017-18, and 2018-19, with an approved cost of Rs. 197 lakh. 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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