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<h1>Government Extends Tax-Exempt Status for Welfare Institute Project Under Section 35AC of Income-tax Act</h1> The Central Government has designated the land development, construction, furnishing, equipment, and operation of an institute for the welfare of mentally handicapped individuals in Jaipur 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 beginning with the assessment year 1999-2000. This decision follows the National Committee's recommendation, confirming the project's proper execution and extending its eligibility for tax exemptions. The estimated cost of the project is fifty-three lakhs.