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of <h1>Chennai Trust's Project for Orphaned Children Gets 3-Year Tax Exemption Extension Under Section 35AC(1)</h1> The Central Government has extended the eligibility of a project run by a trust in Chennai for a further three years under Section 35AC(1) of the Income-tax Act, 1961. This project involves the operation of a founding-cum-adoption center for orphaned and destitute children and abandoned babies. Initially specified in 1998, the project's eligibility has been periodically extended, with the latest extension covering the financial years 2010-11 to 2012-13. The approved cost remains at Rs. 120 lakhs, including a corpus fund of Rs. 40 lakhs. The National Committee confirmed the project's proper execution, prompting the extension.
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