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of <h1>Indian Government Approves Tax Deduction for Social Welfare Projects Under Income-tax Act Section 35AC.</h1> The Indian government, through the Ministry of Finance, has issued a notification under section 35AC of the Income-tax Act, 1961, approving various institutions and their projects for tax deductions. These projects, recommended by the National Committee for Promotion of Social and Economic Welfare, include initiatives like rainwater harvesting, rural drinking water supply, agro-economic development, shelters for the elderly, women's empowerment, educational and vocational training, and healthcare services. The notification specifies the maximum cost eligible for tax deduction for each project for the financial years 2007-08, 2008-09, and 2009-10.
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