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of <h1>Bangalore Trust's School and Medical Center Project Extended; Costs Rise Significantly, Section 35AC Exemption Limitations Apply.</h1> The Central Government has extended the eligibility of a project by a Bangalore-based trust, originally notified in 2007, to set up and run a school and medical center for marginalized communities. The project's cost has increased from Rs. 22.46 crore to Rs. 41.46 crore, with the corpus fund rising from Rs. 15 crore to Rs. 26 crore. This extension is for an additional three years, covering the financial years 2016-17 to 2018-19. However, the exemption under Section 35AC of the Income-tax Act does not apply to funds received under Schedule VII of the Section 135 of the Companies Act and CSR Rules 2014.
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