Exemption u/s 35AC - Central Govt. had specified for Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/ improvement of agricultural activities District of Orissa, by Tata Sponge Iron Limited as an eligible project or scheme - 192/2004- S.O.794(E) - Income Tax

Central Government Extends Section 35AC Tax Exemption for Keonjhar District Project to 2007-2008; Focus on Water, Schools, Agriculture, Health.

The Central Government has extended the eligibility of a project under Section 35AC of the Income-tax Act, 1961, for a further three years starting from the financial year 2004-2005. The project, undertaken by a company in Keonjhar District, Orissa, involves digging tube-wells for potable water, repairing schools, improving agricultural activities, and providing medical facilities. Initially approved in 1999 with a budget of ten lakhs, the cost was later increased to thirty lakhs. The National Committee for Promotion of Social and Economic Welfare confirmed the project's proper execution, justifying the extension without altering the approved cost.