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of <h1>Govt. approves tax benefits for hospital project under section 35AC, raises project cost to Rs. 364.55 lakhs.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has specified the project for purchasing equipment and running hospital projects in Visakhapatnam, Andhra Pradesh, by an anonymous foundation as eligible for tax benefits. Originally approved for three years starting from the 1999-2000 assessment year and extended for two more years, the project is expected to continue beyond five years. The National Committee, satisfied with the project's execution, recommended increasing the project cost from Rs. 104.51 lakhs to Rs. 364.55 lakhs. This amendment updates the previous notification issued in 1998.
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