Recognised provident fund taxation, employee deductions, and accumulated balance rules are structured through strict approval and exemption conditions. Recognition and tax treatment of recognised provident funds are governed by defined eligibility, trust, contribution, withdrawal and fund-composition conditions. Employee contributions are deductible, excessive interest is taxable as employee income, and accumulated balances may be excluded from total income where the statutory service or transfer conditions are met; otherwise, the balance is taxed by reconstructing the liability that would have applied had recognition not existed. The Schedule also sets out approval, disclosure, taxation and appeal rules for approved superannuation funds and gratuity funds, together with rule-making powers for fund administration and control.
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Provisions expressly mentioned in the judgment/order text.
Recognised provident fund taxation, employee deductions, and accumulated balance rules are structured through strict approval and exemption conditions.
Recognition and tax treatment of recognised provident funds are governed by defined eligibility, trust, contribution, withdrawal and fund-composition conditions. Employee contributions are deductible, excessive interest is taxable as employee income, and accumulated balances may be excluded from total income where the statutory service or transfer conditions are met; otherwise, the balance is taxed by reconstructing the liability that would have applied had recognition not existed. The Schedule also sets out approval, disclosure, taxation and appeal rules for approved superannuation funds and gratuity funds, together with rule-making powers for fund administration and control.
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