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of <h1>Chennai Blood Bank Project's Tax Exemption Extended u/s 35AC Until 2019; CSR Funds Not Included.</h1> The Central Government has extended the eligibility of the 'Blood Bank Medical Equipment and facilities expansion project' by a Chennai-based foundation as an eligible project under Section 35AC of the Income-tax Act, 1961. Initially approved for three years starting in the financial year 2010-11 and extended until 2015-16, the project is now further extended for three years from 2016-17 to 2018-19, with an estimated cost of Rs. 5.04 crore. However, the exemption under Section 35AC does not apply to funds received under Schedule VII of Section 135 of the Companies Act and related CSR Rules 2014.
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