Section 3 in The Income-Tax Welfare Fund Rules, 1998

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Union of India - Section

Section 3 in The Income-Tax Welfare Fund Rules, 1998

3. Sources of Fund.

-The corpus of the fund shall be Rs. 100 crores (Rupees hundred crores) which shall be contributed by the Government. Further contributions to the corpus shall be as under :

(i)10% of the excess of amount received after auction over consideration paid by the Government on sale of properties acquired by the Government under Chapter XXC of the Income-tax Act (pre-emptive purchase of property) or under any other provision of similar nature that may be introduced under the Income-tayt Act.

(ii)10% of the reward sanctioned to the officers and staff of the Income-tax Department under any established reward scheme.

On this basis, budget provision shall be made in the grant by the Ministry and sanction by the Ministry of Finance shall be issued based on the budget provisions. Pay and Account Office of the Chief Controller of Accounts, CBDT, shall carry out a transfer entry during each financial year by debiting and crediting accounts, as would be intimated separately. Thereafter PAO, CCA (CBDT) shall transfer the amount allotted to the Fund into Personal Deposit Account opened with the State Bank of India New Delhi. Similarly, Personal Deposit Account opened in favour of the Chief Commissioner of Income-tax/ Director General of Income-tax and any other officer designated for the purposes in the field formation in whose favour funds have been placed by the Governing Body for meeting expenses in connection with purposes assigned.The fund shall be centrally administered by a Governing Body consisting of :

A	Chairman,CBDT	-Convenor
B.	Member(Income-tax)	-Member
C.	Member(P & V)	-Member
D.	FinancialAdviser	-Member
E.	JointSecretary (TPL-I)	-Member Secretary

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Union of India - Section

Section 3 in The Income-Tax Welfare Fund Rules, 1998

3. Sources of Fund.