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of <h1>Indian Craft Village Project in Calcutta Extended for Tax Exemption Under Section 35AC of Income-tax Act</h1> The Central Government has specified the project for the construction, furnishing, and operation of an Indian Craft Village in Calcutta, West Bengal, managed by the Indian Craft Village Trust, as an eligible project under section 35AC of the Income-tax Act, 1961. Initially approved for three years starting from the 1995-96 assessment year, the project is now extended for an additional three years, beginning with the 1998-99 assessment year. The project is estimated to cost 650 lakhs and has been deemed satisfactorily executed by the National Committee, warranting its continued eligibility for tax exemption.
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