Section 7(1) in M.P. Nagar Vikas Nidhi Niyam, 2001
(1)Devolution Account:(i)The amount of entry tax which is transferred every' year to the urban local bodies as a compensation to the Octroi as per budget provision shall be transferred to this account. But the actual amount released to the urban local bodies shall be ten per cent more than the last year or the actual net income whichever is less treating the year 2000-2001 as base year.(ii)The Finance Department while making provision in the budget under clause (i) on the basis of net income of the tax, an amount equal to 2% shall be deducted as collection charges.(iii)The stamp duty and other compensation payable to the urban bodies under the Act and which are to be paid directly shall also be transferred through this account.
