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of <h1>Government Approves Tax Deductions for Social Projects u/s 35AC, Covering 1996-99 Assessment Years.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved various institutions for eligible projects or schemes, allowing specific cost deductions. These projects include land development, social forestry, school construction, medical centers, and environmental preservation, among others. The notification specifies the estimated costs and the maximum deductible amounts for each project. The approval is valid for two years for some projects and three years for others, covering assessment years 1996-97 to 1998-99. This notification outlines the financial support framework for these initiatives to promote social and environmental development.
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