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of <h1>Government Approves Tax Deductions for Projects Aiding Economically Weaker Sections u/s 35AC, Income-tax Act, 1961.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, approved several institutions for eligible projects or schemes, allowing specific deductions for the assessment years 2004-2005 to 2006-2007. These projects include construction of buildings, purchase of equipment, and provision of services for economically weaker sections. Institutions must maintain records of beneficiaries and ensure services are free for those from weaker sections, with certification from a Chartered Accountant. The notification specifies the maximum deductible amounts for each project, with validity ranging from one to three years depending on the project.
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