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of <h1>Finance Ministry Approves Tax Exemptions for Projects Under Income-tax Act Section 35AC, Encouraging Donations for Social Welfare.</h1> The Ministry of Finance, under the Income-tax Act, 1961, has approved various institutions for tax exemption under Section 35AC. This approval, based on recommendations from the National Committee for Promotion of Social and Economic Welfare, includes projects such as rural development, healthcare, education, and welfare initiatives across India. The notification specifies the institutions, project costs, and the maximum deductible amounts. The approval spans two to three financial years starting from 2009-2010, depending on the project. The notification remains effective for the specified duration for each project, facilitating tax deductions for donors supporting these initiatives.
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