Central Government Extends Tax Benefits for Bangalore Swimming Pool Project u/s 35AC, Cost Set at Rs. 100.30 Lakhs.
The Central Government has specified the construction of a swimming pool complex with boarding and lodging facilities for swimmers, along with a modern gymnasium in Bangalore, as an eligible project under section 35AC of the Income-tax Act, 1961. This project, managed by an aquatic center in Bangalore, was initially approved for three years starting from the 1996-97 assessment year and has been extended multiple times. The National Committee for Promotion of Social and Economic Welfare has recommended further extension for three years from the financial year 2007-08, maintaining the approved cost at Rs. 100.30 lakhs.
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