Section 35AC deduction projects approved: notified institutions and eligible project costs allowed as deductions over specified approval periods. The Central Government, on the National Committee's recommendations, notifies specified institutions and approves their eligible projects or schemes for deduction under section 35AC by listing each institution, the project description, the estimated project cost and the maximum amount of that cost allowable as a deduction for the defined approval period; certain approvals run for two financial years and others for three, and some entries expressly include corpus fund components within the deductible ceiling.