Exemption under section 35AC extended for training institute scheme, preserving tax exempt project status for an additional year from government The Central Government re specified the scheme of running a training institute and training workshops in Pune by a voluntary society as an eligible project for assessment year 2000-2001 at an estimated cost of sixty lakhs, acting under the Explanation to the Income tax Act and following the National Committee's recommendation under the Income tax Rules to extend the project's eligible status for one additional year.