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of <h1>Ministry of Finance Approves Institutions u/s 35AC for Tax Deductible Projects in 2016-17, Excludes CSR Funds.</h1> The notification issued by the Ministry of Finance lists institutions approved under Section 35AC of the Income Tax Act, 1961, for the financial year 2016-17. These institutions, recommended by the National Committee for Promotion of Social and Economic Welfare, are authorized to carry out specific projects or schemes with approved costs eligible for tax deductions. Projects range across various sectors including health, education, skill development, and welfare, with specified maximum deduction amounts. The notification clarifies that exemptions under Section 35AC do not apply to funds received under the Companies Act's CSR provisions.
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