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of <h1>Ministry of Finance approves projects u/s 35AC for 2016-17, covering welfare initiatives like education and healthcare.</h1> The notification issued by the Ministry of Finance details the approval of various institutions and their projects under Section 35AC of the Income Tax Act, 1961, for the financial year 2016-17. The projects, recommended by the National Committee for Promotion of Social and Economic Welfare, cover a range of social welfare initiatives including old age homes, educational and vocational training centers, healthcare services, and infrastructure development. Each project is allocated a maximum deductible cost for tax purposes. The notification specifies that these exemptions do not apply to funds received under the Companies Act and CSR Rules 2014.
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