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of <h1>Krishnamurthi Foundation's Rural Development Project in Chittoor Gains Tax Exemption Extension Under Section 35AC for Three Years</h1> The Central Government has designated the integrated rural development scheme in District Chittoor, Andhra Pradesh, implemented by Krishnamurthi Foundation India, Madras, as an eligible project under section 35AC of the Income-tax Act, 1961. Initially specified for three years starting from the assessment year 1996-97, the project has been extended for an additional three years, covering assessment years 1997-98, 1998-99, and 1999-2000. This decision follows a recommendation from the National Committee, confirming the project's proper execution and extending its eligibility for tax exemption with an estimated cost of INR 51.4 lakhs.
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