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of <h1>Central Government Approves Institutions for Tax Deductions u/s 35AC for Social and Economic Welfare Projects.</h1> The Central Government, under the Income-tax Act, 1961, has approved certain institutions and their projects for the promotion of social and economic welfare, based on recommendations from the National Committee. These projects are eligible for tax deductions under Section 35AC, with specified maximum deduction amounts. The notification outlines the duration of approval, with projects at various serial numbers receiving approval for one to three years, covering financial years 2010-2011 to 2012-2013. This approval is formalized by the Ministry of Finance, Department of Revenue, and is subject to periodic updates and substitutions as noted in subsequent notifications.
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