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of <h1>Home for Aged & Orphans Project Gains 3-Year Extension Under Section 35AC, Income-tax Act 1961.</h1> The Central Government has specified the construction of a building and purchase of a vehicle for a Home for the Aged and Orphans at Pedakakani, Andhra Pradesh, as an eligible project under section 35AC of the Income-tax Act, 1961. Initially approved for three years starting from the assessment year 1998-99, and extended in 2001, the project is now approved for an additional three years starting from the assessment year 2004-2005. The project, executed by an organization in Guntur, Andhra Pradesh, is estimated to cost 139 lakhs and is recognized for its proper execution by the National Committee for Promotion of Social and Economic Welfare.
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