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of <h1>Government Approves Tax Exemptions for Housing, Education, and Healthcare Projects u/s 35AC of Income-tax Act.</h1> The Central Government, under Section 35AC of the Income-tax Act, 1961, has approved several institutions for tax exemption on eligible projects or schemes. The notification lists various projects, including construction of low-cost housing for cyclone victims, educational and medical facilities, old age homes, and health care projects across India. Each project is assigned a maximum deductible cost. The notification is valid for three years, covering assessment years 2001-2002 to 2003-2004. Notable projects include those by Bharat Sevashram Sangha, Brahmavetta Shree Devaraha Hans Baba Trust, and Bharat Electronics Limited, among others.
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