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of <h1>Government Revamps National Committee for Social and Economic Welfare under Income Tax Act Section 35AC for 3-Year Term.</h1> The Central Government has reconstituted the National Committee for Promotion of Social and Economic Welfare under section 35AC of the Income Tax Act, 1961, effective January 2, 1995, for a three-year term. The committee comprises 14 members, including a Chairman, with diverse backgrounds such as former justices, economists, social workers, and experts in taxation and public administration. This reconstitution follows the expiration of the previous committee's term on January 1, 1995. The committee's objective is to promote social and economic welfare initiatives, as per the powers granted under the Income Tax Act and related rules.
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