Section 35AC of the Income Tax Ac, provides for a deduction in computing the business income of an assessee The Centre on Friday said the benefit of deduction under section 35AC of the Income Tax (I-T) Act will only be available till March 31, in respect to the payments made to association or institution approved by the National Committee for carrying-out any eligible project or scheme. "It may be noted that requests received after December 31, 2016, for the grant/modification/extension of approval beyond March 31, 2017 under section 35AC of the Income-Tax Act shall not be considered/entertained by the National Committee," the Finance Ministry said in a statement. Section 35AC of the I-T Act, 1961, provides for a deduction in computing the business income of an assessee, of the amount paid by him to a PSU or a local authority or to an association or institution approved by the National Committee for carrying-out any eligible project or scheme. Moreover, it said the Section 3