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of <h1>Govt Approves Tax-Exempt Projects Under Sec 35AC: Rural Development, Education, Disaster Relief, More Across Indian States.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved various projects as eligible for tax exemption. The approved projects include rural development, educational infrastructure, disaster relief, women's training, sanitation, and healthcare across different Indian states. Each project is allotted a maximum cost, such as Rs. 22 lakhs for rural development in Orissa and Rs. 1,000 lakhs for a sports stadium in Cochin. The notification specifies the duration of tax exemption for each project, ranging from one to three years, applicable to specific assessment years.
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