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of <h1>'Satya Bharti Schools' Project Extended for 3 Years u/s 35AC, Excludes Schedule VII Funds.</h1> The Central Government has extended the eligibility of the 'Satya Bharti Schools' project, managed by Bharti Foundation, as an eligible project under Section 35AC of the Income-tax Act, 1961, for an additional three years starting from the financial year 2016-17. The project's approved cost remains at Rs. 360 crore, including a corpus fund of Rs. 110 crore. This extension follows a recommendation from the National Committee for Promotion of Social and Economic Welfare, confirming the project's proper execution. 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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