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of <h1>Central Government Forms National Committee for Social and Economic Welfare u/s 35AC of Income-tax Act.</h1> The Central Government has established the National Committee for Promotion of Social and Economic Welfare under the authority of section 35AC of the Income-tax Act, 1961, and rule 11G of the Income-tax Rules, 1962. The committee comprises various distinguished members, including a former Chief Justice of India as Chairman, a noted industrialist, a former Reserve Bank Governor, and experts in fields such as rural development, economics, and taxation. The committee members are appointed for a term of three years, reflecting a diverse range of expertise aimed at promoting social and economic welfare initiatives.
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