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of <h1>Central Government Extends Tax Exemption for 'Amrita Kuteeram' Housing Project in Kerala u/s 35AC for Three More Years.</h1> The Central Government has specified the development of land and construction of 5,000 houses under the 'Amrita Kuteeram' project by a charitable trust in Kerala as eligible for tax exemption under section 35AC of the Income-tax Act, 1961. Initially approved for three years starting in the assessment year 1998-1999, the project has been extended for an additional three years beginning with the assessment year 2001-2002. The project is estimated to cost 1,400 lakhs and has been recommended for extension by the National Committee, confirming its proper execution.
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