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of <h1>Income Tax Act Circular: Regular Checks on Provident Funds; Non-Compliance May Lead to Loss of Recognition and Tax Liabilities.</h1> The circular outlines procedures for assessing recognized provident funds under the Income Tax Act, 1961. It mandates regular checks on these funds to ensure compliance with relevant rules. If employers fail to transfer contributions to trustees, recognition of the fund can be withdrawn. The circular emphasizes that assessments should be handled by Trust Circles, while verification of compliance should occur in the Commissioner's office. A structured procedure is detailed for issuing notices and handling non-compliance, including potential withdrawal of recognition, which would result in tax liabilities and loss of deductions for both employees and employers.
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