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of <h1>Central Government Approves Tax Exemption for Projects u/s 35AC of Income-tax Act; Conditions and Durations Specified.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved several institutions for tax exemption on eligible projects. The notification specifies institutions and projects, along with their estimated costs and the maximum deductible amounts. Projects range from construction and renovation of buildings to educational and medical initiatives. The approval spans different durations: one year for FC Kochin, two years for Rashtrotthana Parishat and Uttan Centre, and three years for the remaining institutions. Conditions apply, such as providing free services to economically weaker sections and maintaining separate accounts for certain projects.
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