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of <h1>Government Extends Section 35AC Tax Exemption for Mumbai-Based Rural Medical Project for Three More Years</h1> The Central Government has extended the exemption under section 35AC of the Income Tax Act, 1961, for the project 'Construction, equipment, furnishing, and running of Smt. Lakshmi Shah Rural Medical and Research Centre' by a foundation based in Mumbai. Initially approved in 1995, the project has received multiple extensions, with the latest extension covering three years starting from the financial year 2007-2008. The National Committee for Promotion of Social and Economic Welfare recommended this extension, acknowledging the project's proper execution. The approved cost remains unchanged at Rs. Two crore.
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