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of <h1>Recognition of Provident Fund as 'recognised provident fund' u/s 2(38) of Income-tax Act; scheme provisions preserved despite repugnancy</h1> Provident Fund is declared, for purposes of the Income-tax Act, 1961, to be a 'recognised provident fund' within the meaning of clause (38) of section 2, thereby making the Fund qualify as a recognised provident fund under that Act. A proviso preserves that nothing in the Income-tax Act shall operate to render ineffective any provision of the Provident Fund Scheme that is repugnant to provisions of that Act or its rules, thereby maintaining the operative force of such scheme provisions despite any repugnancy.
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