https://www.taxtmi.com/news?id=16531 Section 35AC allowed a business-income deduction for payments to a public sector company, local authority, or association/institution approved by the National Committee for eligible projects. The Finance Act, 2016 removed the deduction for assessment years commencing on or after 1 April 2018. Accordingly, the deduction is available only for payments to associations or institutions already approved for periods up to the previous year ending 31 March 2017, and requests received after 31 December 2016 for approvals or extensions beyond 31 March 2017 will not be considered. en-us Fri, 19 Aug 2016 17:54:48 +0530 Fri, 19 Aug 2016 17:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16531 Section 35AC allowed a business-income deduction for payments to a public sector company, local authority, or association/institution approved by the National Committee for eligible projects. The Finance Act, 2016 removed the deduction for assessment years commencing on or after 1 April 2018. Accordingly, the deduction is available only for payments to associations or institutions already approved for periods up to the previous year ending 31 March 2017, and requests received after 31 December 2016 for approvals or extensions beyond 31 March 2017 will not be considered. News - Fri, 19 Aug 2016 17:54:48 +0530 https://www.taxtmi.com/news?id=16531