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of <h1>Govt Approves Tax Deductions for Social Welfare Projects u/s 35AC of Income-tax Act, 1961.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved various institutions for eligible projects and schemes, allowing deductions for their costs. These projects include rehabilitation centers, vocational training, rural development, healthcare facilities, and educational institutions across India. The notification specifies the estimated costs and maximum deductible amounts for each project. The approval periods vary, covering assessment years from 1994-95 to 1997-98, depending on the project. The notification aims to support social welfare initiatives by providing tax incentives to facilitate funding for these projects.
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