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of <h1>Amendment to Karuna Prayag Trust's deductible amount under Section 35AC of Income-tax Act: New limits set for deductions.</h1> The Central Government has amended Notification No. S.O. 832(E) dated 18th September 1998, concerning the Karuna Prayag Trust in Chennai. Under Section 35AC of the Income-tax Act, 1961, the amendment modifies the maximum allowable deduction amount. Previously set at 'Rs. 60 lakhs as corpus fund,' it is now revised to 'Rs. 40 lakhs plus a corpus fund of Rs. 20 lakhs.' This change follows recommendations from the National Committee, as per Notification No. 287(E) dated 28th March 2001.
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