Approved provident fund rules: approval conditions, trustee duties and tax treatment of employer contributions and accrued balances. The Commissioner may accord or withdraw approval for provident funds subject to specified conditions including irrevocable trust vesting, prescribed employee and employer contribution rules, fund composition restrictions, payment of accumulated balances on cessation of employment, and limited relaxations; employer contributions exceeding prescribed rates or ceilings and interest above government-prescribed rates are taxable as income of the employee, while employee contributions qualify for deductions; trustees must maintain prescribed accounts, allow inspection, deduct tax at source where applicable, and appeals against adverse approval decisions lie to the Board.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Approved provident fund rules: approval conditions, trustee duties and tax treatment of employer contributions and accrued balances.
The Commissioner may accord or withdraw approval for provident funds subject to specified conditions including irrevocable trust vesting, prescribed employee and employer contribution rules, fund composition restrictions, payment of accumulated balances on cessation of employment, and limited relaxations; employer contributions exceeding prescribed rates or ceilings and interest above government-prescribed rates are taxable as income of the employee, while employee contributions qualify for deductions; trustees must maintain prescribed accounts, allow inspection, deduct tax at source where applicable, and appeals against adverse approval decisions lie to the Board.
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