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of <h1>Government Approves Tax Exemptions for Social Welfare Projects u/s 35AC of Income-tax Act 1961.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved various institutions and their projects for tax exemption. This approval applies to projects such as running ashrams, promoting water harvesting, constructing low-cost housing, and expanding medical facilities, among others. The notification specifies the eligible projects, estimated costs, and maximum allowable deductions for assessment years 2004-2005 to 2006-2007. The approved projects include initiatives for social welfare, healthcare, education, and infrastructure development, with funding ranging from lakhs to crores of rupees. This notification is effective for three years, covering the specified assessment periods.
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