Withdrawal of recognition for approved employee funds following detection of rule breaches and required investigative steps.

The Board mandates immediate steps to detect contraventions by recognised provident, approved superannuation and gratuity funds and to withdraw recognition where conditions of the Fourth Schedule or Income-tax Rules are breached. Authorities must prepare and forward lists of such funds, assign them to Income-tax Officers in trust circles for methodical scrutiny of accounts, initiate assessment proceedings by issuing statutory notices for the current year, and take appropriate proceedings for any infringements discovered, informing the Board of withdrawals of recognition.

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