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of <h1>Mumbai Trust's Rural Welfare Projects Approved for Tax Benefits Under Section 35AC, Extended for Three More Years</h1> The Central Government has specified the multifarious rural welfare projects run by a Mumbai-based trust as eligible under section 35AC of the Income-tax Act, 1961. Initially approved for three years starting from the assessment year 1998-1999, these projects focus on health care, education, sports, and cultural activities in Madhya Pradesh. The National Committee, satisfied with the project's execution, recommended extending the eligibility for another three years, beginning with the assessment year 2001-2002, with an estimated cost of 700 lakhs as a corpus fund.
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