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of <h1>Govt Approves Tax Deduction for Projects u/s 35AC: Focus on Welfare, Training, and Health Initiatives.</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has approved several institutions for eligible projects or schemes, allowing specified expenditure as deductions. These projects include rural development, welfare programs for street children and the elderly, vocational training, charitable hospitals, and mid-day meal initiatives. The notification outlines the institutions, project descriptions, costs, and the maximum deductible amounts for financial years 2008-09, 2009-10, and 2010-11. The approval lasts two years for some projects and three years for others, depending on their serial number in the notification.
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