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of <h1>National School and Hostel Project in Deoghar, Bihar Gains Tax Exemption Extension u/s 35AC for Three More Years.</h1> The Central Government has designated the construction of a national school and hostel building in Deoghar, Bihar, by an organization as an eligible project under section 35AC of the Income-tax Act, 1961. Initially specified in 1997 and extended in 1999, the project is recognized for tax exemption for another three years starting from the assessment year 2003-2004. The project, executed by an entity based in West Bengal, is estimated to cost three crores. The National Committee has confirmed the project's proper execution, prompting the government to extend its eligibility for tax benefits.
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