Deduction under section 35AC: government notification approves eligible social welfare projects and specifies deductible project costs. Government notification under Explanation (b) to section 35AC approves specified institutions and their named projects or schemes as eligible for deduction, sets the estimated project costs and specifies the maximum amount of such cost allowable as deduction for the period of approval, and records that the approval remains in force for three financial years commencing with 2012-13 for the listed projects.