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of <h1>Mumbai Trust's Project Extended u/s 35AC for Three Years; Tax Benefits for 2015-17 Only.</h1> The Central Government has extended the eligibility of the 'Maintenance of present activities' project by a Mumbai-based trust under Section 35AC of the Income-tax Act, 1961. Initially approved for three years ending in the 2013-14 financial year, the project is now extended for an additional three years, covering 2014-15, 2015-16, and 2016-17, at an estimated cost of Rs. 2.64 crore. The National Committee for Promotion of Social and Economic Welfare recommended this extension due to the project's satisfactory execution. However, no tax certificates will be issued for the already lapsed 2014-15 financial year.
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