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of <h1>Govt Approves Tax Exemption for Classroom Construction & Sanitation Projects Under Section 35AC, Valid for 1-2 Years</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved specific projects and schemes for tax exemption. The approved projects include the construction of classrooms by a company in Coimbatore, with a maximum cost of Rs. 10 lakhs, and a low-cost sanitation and scavenger rehabilitation scheme by another company in 16 municipalities in Tamil Nadu, with a maximum cost of Rs. 70.05 lakhs. The notification is valid for one year for the first project and two years for the second, covering assessment years 1994-95 and 1995-96.
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