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of <h1>Income Tax Act Section 35AC: Government Extends Exemption for Hospital Project by Specified Trust for Three More Years</h1> The Central Government has extended the exemption under Section 35AC of the Income-tax Act, 1961, for a project by a specified trust. This project includes constructing a building, modernizing an existing hospital, acquiring medical equipment, furnishing, ambulances, and preliminary expenses for a 30-bed hospital, as well as mobile health clinics and community health worker programs. Initially approved for three years starting in 1998-99, the project has been extended multiple times and is now specified for an additional three years beginning in the financial year 2006-07, with an approved cost of 270.00 lakhs and a corpus fund of 36.00 lakhs.
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