India - Income Tax Act 2010 - Saarc

1.987 SCH. IV - RECOGNISED PROVIDENT FUNDS R. 4According and withdrawal of recognition.3. (1) The 33 [Chief Commissioner or Commissioner] may accord recognition toany provident fund which, in his opinion, satisfies the conditions prescribed inrule 4 and the rules made by the Board in this behalf, and may, at any time,withdraw such recognition if, in his opinion, the provident fund contravenes anyof those conditions :34[Provided that in a case where recognition has been accorded to any providentfund on or before the 31st day of March, 2006 and such provident fund does notsatisfy the conditions set out in clause (ea) of rule 4, the recognition to such fundshall be withdrawn, if such fund does not satisfy, on or before the 35 [31st day ofDecember, 2010], the conditions set out in the said clause and any other conditionwhich the Board may, by rules specify, in this behalf :]36[Provided further that nothing contained in the first proviso shall apply to theprovident fund of an establishment in respect of which a notification has beenissued by the Central Government under sub-section (2) of section 16 of theEmployees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of1952).](2) An order according recognition shall take effect on such date as the 37 [ChiefCommissioner or Commissioner] may fix in accordance with any rules the Boardmay make in this behalf, such date not being later than the last day of thefinancial year in which the order is made.(3) An order withdrawing recognition shall take effect from the date on which itis made.(4) An order according recognition to a provident fund shall not, unless the37[Chief Commissioner or Commissioner] otherwise directs, be affected by thefact that the fund is subsequently amalgamated with another provident fund onthe occurrence of an amalgamation of the undertakings in connection withwhich the two funds are maintained, or that it subsequently absorbs the wholeor a part of another provident fund belonging to an undertaking which is whollyor in part transferred to or merged in the undertaking of the employer maintainingthe first-mentioned fund.Conditions to be satisfied by recognised provident funds.4. In order that a provident fund may receive and retain recognition, it shall,subject to the provisions of rule 5, satisfy the conditions set out below and anyother conditions which the Board may, by rules, specify—(a) all employees shall be employed in India, or shall be employed by anemployer whose principal place of business is in India;33. Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.34. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.35. Substituted for “31st day of March, 2009” by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.Earlier, it was amended by the Finance Act, 2008, w.e.f. 1-4-2008 and Finance Act, 2007,w.e.f. 1-4-2007.36. Inserted by the Finance Act, 2007, w.e.f. 1-4-2007.37. Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.