Rural Welfare Projects by Mumbai Trust Approved Under Section 35AC for Tax Benefits; Extended for Three More Years

The Central Government has designated the rural welfare projects managed by a Mumbai-based trust as eligible under Section 35AC of the Income-tax Act. These projects, located in Madhya Pradesh, Gujarat, and Maharashtra, encompass healthcare, education, sports, cultural activities, and hospital infrastructure development. Initially approved for three years starting in the 1998-99 assessment year, the project's estimated cost increased from Rs. 1,225 lakhs to Rs. 1,333 lakhs. The National Committee recommended extending the project's eligibility for another three years, starting with the 2001-2002 assessment year, due to its proper execution.

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