Section - 441B - Crediting proceeds of cess to Consolidated Fund of India
Crediting proceeds of cess to Consolidated Fund of India.441B. The proceeds of the cess levied and collected under shall first be credited to the Consolidated Fund of India and the Central Government may, if Parliament by appropriation made by law in this behalf so provides, pay to the Tribunal, from time to time, out of such proceeds (after deducting the cost of collection), such sums of money as it may think fit for being utilised for the purposes of the Fund.
[Levy by way of cess and formation of Rehabilitation & Revival FundLevy and collection of cess on turnover or gross receipts of companies.441A. (1) There shall be levied and collected, for the purposes of rehabilitation or revival or protection of assets of the sick industrial company, a levy by way of cess at such rate not less than 0.005 per cent and not more than 0.1 per cent on the value of annual turnover of every company or its annual gross receipt, whichever is more as the Central Government may, from time to time, specify by notification in the Official Gazette.(2) Every company shall pay to the Central Government the cess referred to in sub-section (1) within three months from the close of every financial year..... To read the full section download the app from Google Play store
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