Exemption u/s 35AC - Central Government had specified for Furnishing and running of Society for the Education of the Crippled Centre by Society for Education of time Crippled as an eligible project or scheme - Amendment in N. No S.O. 521(E) dated the 14th July, 1994 - 117/2003 - Income Tax

Central Government Extends Project for Disabled Education, Increases Deduction Limit u/s 35AC, Income-tax Act.

The Central Government has extended the eligibility of the project run by the Society for the Education of the Crippled for another three years, starting from the assessment year 2004-2005. This project includes furnishing and running centers for independent living and schools for the education of the disabled. Initially specified in 1994 and extended in 1997 and 2000, the project is recognized under section 35AC of the Income-tax Act, 1961. The maximum allowable deduction for the project has been increased from Rs. 81.50 lakhs to Rs. 175.00 lakhs, following a recommendation from the National Committee.