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of <h1>Watershed Development Project's eligibility extended under section 35AC of Income-tax Act, excluding FY 2007-08 donations. Approved cost: Rs. 124.43 lakh.</h1> The Central Government has extended the eligibility of the 'Watershed Development Project' by Bosco Gramin Vikas Kendra under section 35AC of the Income-tax Act, 1961. Initially approved for three years starting from the assessment year 2004-05, the project has been extended for another three years beginning with the financial year 2007-08. However, the approval does not cover funds collected in the financial year 2007-08, and no exemption certificates for donations under section 35AC will be issued for that year. The project's approved cost remains at Rs. 124.43 lakh.
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