Salary revision mechanism introduces periodic adjustments indexed to the Cost Inflation Index for members' pay and allowances. Section 3 is renumbered as sub section (1) and its baseline sum is increased; a new sub section (2) mandates that salary and daily allowance be increased at regular intervals commencing from 1st April, 2023 on the basis of the Cost Inflation Index in the Explanation to section 48 of the Income tax Act, 1961, establishing an index linked revision mechanism.
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Salary revision mechanism introduces periodic adjustments indexed to the Cost Inflation Index for members' pay and allowances.
Section 3 is renumbered as sub section (1) and its baseline sum is increased; a new sub section (2) mandates that salary and daily allowance be increased at regular intervals commencing from 1st April, 2023 on the basis of the Cost Inflation Index in the Explanation to section 48 of the Income tax Act, 1961, establishing an index linked revision mechanism.
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