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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 for tax exemption based on their eligible projects or schemes. These projects, recommended by the National Committee for Promotion of Social and Economic Welfare, include medical, educational, and social welfare initiatives across India. The notification specifies the estimated costs and maximum deductible amounts for each project, applicable for the assessment years 2004-2005 to 2006-2007. Conditions include public notices about free benefits for economically weaker sections and mandatory reports from Chartered Accountants certifying compliance with these conditions.
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