Exemption u/s 35AC - Central Government had specified for construction-repair-upgradation of building, purchase of equipments, furnishing and running of hospital, by Shri Kandivali Hitvardhak Mandal, Mumbai, as an eligible project or scheme - S.O.554(E) - Income Tax

Central Government Extends Project Eligibility for Hospital Construction Under Section 35AC of the Income-tax Act, 1961

The Central Government has extended the eligibility of a project under Section 35AC of the Income-tax Act, 1961, for construction, repair, and upgrading of a building, along with the purchase of equipment and the operation of a hospital by an organization in Mumbai. Initially approved for three years starting from the assessment year 1999-2000, the project has been further approved for an additional three years beginning with the assessment year 2002-2003. The estimated cost of the project is 300 lakh rupees, including a corpus fund of 100 lakh rupees.