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of <h1>Govt Approves Tax Deductions for Eligible Projects u/s 35AC, Income-tax Act, 1961; Includes Education & Sports Initiatives.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved various institutions for eligible projects and schemes, allowing them tax deductions. The notification lists institutions and their projects, detailing estimated costs and maximum deductible amounts. Projects include medical aid, construction of educational and vocational facilities, and development of sports infrastructure across different states in India. The notification specifies the duration of validity for these approvals, covering assessment years 1996-97 to 1998-99 for various projects. Subsequent notifications have amended the approved amounts for certain projects.
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