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<h1>Exemption Period Extended for Projects u/s 35AC, Income Tax Act, Until FY 2016-17; Certain Funds Excluded.</h1> The Central Government, based on recommendations from the National Committee for Promotion of Social and Economic Welfare, has extended the exemption period for various projects and schemes under Section 35AC of the Income Tax Act, 1961. This notification, effective until the financial year 2016-17, applies to numerous institutions across India involved in healthcare, education, and social welfare projects. The approved costs for these projects remain unchanged, except for certain enhancements. However, exemptions do not apply to funds received under Schedule VII of Section 135 of the Companies Act and Companies (CSR) Rules, 2014.