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<h1>Kala Bhavanam Project in Chennai Gains Three-Year Tax Eligibility Extension u/s 35AC, IT Act.</h1> The Central Government has extended the eligibility of the project 'Kala Bhavanam' by Valluvar Gurukulam in Chennai as an eligible project under Section 35AC of the Income-tax Act, 1961. Initially approved for three years starting from the financial year 2010-11 and extended until 2015-16, the project is now approved for an additional three years from 2016-17 to 2018-19 with an unchanged cost of Rs. 2.38 crore. 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.