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of <h1>Government Approves Tax Exemptions for Projects u/s 35AC of Income-tax Act for 1999-2002 Assessment Years.</h1> The notification, dated August 11, 1998, approves various institutions under section 35AC of the Income-tax Act, 1961, allowing them to receive tax exemptions for eligible projects or schemes. The Central Government, based on recommendations from the National Committee, lists several institutions and their respective projects, including construction, equipment purchase, and health and education initiatives. Each project is assigned an estimated cost and a maximum deductible amount under section 35AC. The notification is effective for the assessment years 1999-2000, 2000-2001, and 2001-2002.
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