Exemption u/s 35AC - Central Government had specified for construction of building for school with all facilities, purchase of equipments-materials by Valluvar Gurukulam, Chennai, as an eligible project or scheme - S.O.543(E) - Income Tax

Central Government Extends Eligibility for Valluvar Gurukulam Project Under Section 35AC, Income-tax Act, 1961

The Central Government has extended the eligibility of a project under section 35AC of the Income-tax Act, 1961, for Valluvar Gurukulam in Chennai. This project involves constructing a school building with facilities and purchasing necessary equipment and materials in Tambaram, Chennai. Initially approved for three years starting from the assessment year 1999-2000, the project has been extended for an additional three years beginning with the assessment year 2002-2003. The estimated project cost is INR 1.23 crore, with a corpus fund of INR 37 lakhs. The National Committee has confirmed the project's proper execution.