sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

New rules to administer I-T welfare fund
August, 14th 2007
The Central Board of Direct Taxes (CBDT) has come up with new rules to administer the Income-Tax Welfare Fund that has been established for the benefit of officers and staff of the Income-Tax Department.New rules

The new rules, which have replaced the earlier ones specified in 1998, bring some clarity on issues such as the sources and quantum of the fund and also the purposes for which it should be put to use. The corpus of the fund has been pegged at Rs 100 crore, which is to be entirely contributed by the Government. So far, only about Rs 70 crore has flown into the fund, according to highly placed sources in the tax department.

The sources also said the new rules provide that only the interest earned from the fund and the accretions and not the fund itself could be utilised for meeting its objectives. This is a departure from the earlier rules which allowed the use of the corpus for meeting the funds welfare objectives.

Accretions would comprise 10 per cent of the excess amount earned by the department from auction of properties purchased by the Government under certain provisions of the Act and also 10 per cent of the rewards sanctioned to the staff under any reward scheme.

The seed for the Income-Tax Welfare Fund was sown in 1998, when the Government launched a successful voluntary disclosure of income scheme.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions