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of <h1>Arpan Eye Bank Project Eligibility Extended u/s 35AC, Tax Deduction Limit Raised to Rs. 7.5 Lakhs.</h1> The Central Government has extended the eligibility of the Arpan Eye Bank project, managed by Arpan Trust in Bombay, under section 35AC of the Income-tax Act, 1961. Initially recognized in 1994 and extended in 1997, the project is now approved for an additional three years starting from the 2001-2002 assessment year. The maximum allowable project cost for tax deduction has been increased from Rs. 4.56 lakhs to Rs. 7.5 lakhs. This decision follows a recommendation by the National Committee, confirming the project's proper execution and anticipated continuation beyond six years.
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