President Salary From Consolidated Fund Of India
This fund is used to meet unexpected or. C National Loans Fund.
President Mps Ministers Take A Pay Cut For 1 Year Say It Is A Message Latest News India Hindustan Times
Importantly no money can be withdrawn from this fund without the Parliaments approval.
President salary from consolidated fund of india. In May 2020 during the first wave of the Covid pandemic President Ram Nath Kovind decided to forego 30 of his salary for the whole year. It was defined as one fund into which shall flow every stream of public revenue and from which shall come the supply of every service. 2 Vice President 400000 US5600 Other allowances fixed to the Vice President.
All government expenditure is made from this fund except exceptional items which are met from the Contingency Fund or the Public Account. Salary and allowances of the President. Position in the Indian order of precedence Post Salary per month Basic Pay Other emoluments and allowances 1 President 500000 US7000 Other allowances fixed to the President.
Consolidated fund of India is the most important government account. The Presidents salary is charged from the Consolidated Fund of India which is the kitty into which all tax and revenues of the government flow. It is in the nature of an imprest money maintained for a specific purpose.
So yes it was sourced from consolidated fund. A Consolidated Fund of India. Provision for this fund is made in Article 2671 of the Constitution of India.
B Public Account of India. However if the President surrenders his salary to the Consolidated Fund of India he does not have to pay tax on that income. The financial memorandum says this will be done under clause 115 of the finance bill by transfer of an additional amount of Rs 450 crore from the Consolidated Fund of India to the Contingency Fund of India.
Peoples representatives like the President Vice-President Governors Prime Minister and MLAs decided to accept a 30 cut in their salaries which will go to the consolidated fund of India. President VP CAG etc are not employees and not attached to any Department of Govt Salaries of employees are debitable to expenditure account The post of President VP etc are not bound by Central Service Rules The remuneration of such peop. Consolidated fund this is right ans.
Consolidated funddContingency fund arifullaarifs arifullaarifs 10022021 Social Sciences Secondary School answered The salary of the President of india is paid from. Its corpus is Rs. The Presidents salary is charged from the consolidated fund of India.
Contingency Fund of India. D Public Accounts Committee. Correct option is.
THE PRESIDENTS 1EMOLUMENTS AND PENSION ACT 1951 30 OF 1951. Accordingly the President also has to pay income tax. The salary of the President of India is charged from the Consolidated Fund of India.
Debt charges of the government of India. 1 The Central government may by notification in the Official Gazette make rules for carrying out the purposes of this Act. The pension paid to him after retirement from office is 50 of his salary.
That means his salary was Rs 35 lakh since May to December 2020. E National Fund Office. It comes under the Presidents Emoluments Pension Act 1951.
Revenues received by the government and expenses made by it are part of the. The present salary of the vice- president of india is 4 lakh and he or she is also paid daily allowances free accommodation medical allowances and travel allowances. The Secretary of Finance Ministry holds this fund on behalf of the President of India.
Neither the Income Tax Act nor the Presidents Pension Act excludes the salary of the President from income tax. The British Consolidated Fund Establishment. Consolidated fund dContingency fund 2 See answers divyaprakash1281 divyaprakash1281 Answer.
Under this Act shall be charged on the Consolidated Fund of India. The provisions are laid down under this act. 2 Every rule made by the Central Government under this Act shall be laid as soon as may be after it is made before each.
Debt charges of the government of India. Chief Election Commissioner draws hisher salary from _____. Moreover in 2017 the Presidents salary was increased from Rs 15 lakh a month to Rs 5 lakh per month.
The vice presidents office is second highest government office in india so he is paid the salary and allowances in addition to pension. The British Consolidated Fund was so named as it consolidated together a number of existing accounts detailed below and facilitated proper parliamentary oversight of the spending of the executive. Sum payable as a result of judgement decree or award of a court.
This rule also applies to any other employee in the country.
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