(1) All moneys consisting of tax and other sums, collected under the Act together with an equivalent amount of money provided as matching grant by the Government shall be transferred from the Consolidated Fund of the State under appropriation duly made by law or from the public account of the State to constitute a Fund known as “Self Employment Promotion Fund”.
(2) The Government may in addition accept donations from Public Sector Corporations and the financial institutions which shall form part of the Fund.
(3) The Fund shall be utilized for the purpose of implementing the schemes framed for the benefit of educated unemployed from time to time by the Government with a view to––
(a) generate avenues for self-employment ;
(b) provide technical know-how and consultancy services to catalyse the process of professionalization ;
(c) provide appropriate technical training for self-employment ;
(d) provide soft loans, financial assistance or subsidy for productive avocations and reasonably remunerative economic activities.
(2) The Government may in addition accept donations from Public Sector Corporations and the financial institutions which shall form part of the Fund.
(3) The Fund shall be utilized for the purpose of implementing the schemes framed for the benefit of educated unemployed from time to time by the Government with a view to––
(a) generate avenues for self-employment ;
(b) provide technical know-how and consultancy services to catalyse the process of professionalization ;
(c) provide appropriate technical training for self-employment ;
(d) provide soft loans, financial assistance or subsidy for productive avocations and reasonably remunerative economic activities.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Levy of tax.Section 4 · Levy of tax.Section 5 · Employer’s liability to deduct and pay tax on behalf of employees.Section 6 · Deposit of tax.Section 7 · Registration.Section 8 · Consequences of failure to deduct or to pay tax.India Code, Government of India. Text fetched 14 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.