Section 35AC tax exemption: Satya Bharti Schools re notified as eligible project while CSR funds are excluded. The Central Government notifies the 'Satya Bharti Schools' project carried out by Bharti Foundation as an eligible project for section 35AC tax relief for three years beginning with financial year 2016-17, with no change to the approved cost of Rs. 360 crore including a corpus of Rs. 110 crore, and specifies that 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.