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of <h1>Central Government Extends Section 35AC Tax Benefits for Abhaya Ashraya Project in Karnataka Through 2018-19.</h1> The Central Government has extended the eligibility of the project 'Recurring cost of old age home, home for physically and mentally challenged older persons, recurring expenses of home for destitute children and for a corpus fund of Rs. 50 lakh' by Abhaya Ashraya in Mangalore Taluka, Karnataka, under Section 35AC of the Income-tax Act, 1961. The project, initially approved at a cost of Rs. 3.40 crore, is extended for three more years from the financial year 2016-17 to 2018-19. However, the exemption does not apply to funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014.
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