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of <h1>Amendments to Income-tax Act: Rule 5 and Rule 8 Updated for Provident Fund Transfers and Continuity Calculations</h1> In the Fourth Schedule of the Income-tax Act, amendments are made to Part A. A new clause is added to rule 5, allowing funds to include amounts transferred from an employee's account in a recognized provident fund maintained by a former employer, along with interest. Rule 8 is amended, effective April 1, 1975, to insert 'or' at the end of clause (ii) and add clause (iii) with an explanation. This clause allows for the transfer of accumulated balances to a new employer's recognized provident fund upon employment change, including the service period with former employers in the continuity calculation.
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