Section 35AC approval: specified institutions and projects qualify for deduction of approved project costs under the Act. The Central Government approves specified institutions and designates eligible projects or schemes with their estimated costs and the maximum portion of such costs admissible as a deduction under section 35AC. The notification enumerates nine institutions and their projects (education, health, rural welfare, water and sanitation, wasteland development), and fixes the maximum deductible amount for each project.