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of <h1>Govt Approves Tax Deductions for Bajaj Hindustan and Tata Sponge Iron on Rural Projects u/s 35AC.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, approves certain companies for eligible projects or schemes, allowing deductions for specified costs. Bajaj Hindustan Limited is approved for rural development projects in Uttar Pradesh, with a total cost of Rs. 25.46 lakhs and a deduction limit of Rs. 13.65 lakhs. Tata Sponge Iron Limited is approved for constructing school buildings and related activities in Orissa, with a project cost of Rs. 30.00 lakhs and a deduction limit of Rs. 3.16 crore. This notification is effective for assessment years 1999-2000 to 2001-2002.
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