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of <h1>Ministry of Finance Approves Tax Deductions for Educational, Healthcare, and Infrastructure Projects u/s 35AC for 2016-17.</h1> The notification issued by the Ministry of Finance, Department of Revenue, under Section 35AC of the Income Tax Act, 1961, approves various institutions and their projects for tax deductions. The Central Government, following recommendations from the National Committee for Promotion of Social and Economic Welfare, specifies the approved projects, their estimated costs, and the maximum allowable deduction for each project for the financial year 2016-17. The projects range from educational and healthcare initiatives to infrastructure development across different states in India. The notification clarifies that Section 35AC exemptions do not apply to funds received under certain provisions of the Companies Act.
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