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of <h1>Provident Fund Accounts Inspection: Rule 74 Compliance Reinforced; Steps for Verification and Prevention of Employer Misuse Highlighted.</h1> The circular outlines instructions for the inspection of provident fund accounts under Rule 74, emphasizing compliance with statutory requirements. It references previous instructions from 1971, 1973, and 1978, detailing steps for verifying compliance, such as preparing lists of recognized funds, assigning cases to Income Tax Officers, and initiating assessment proceedings. It highlights the need for regular inspections to prevent misuse by employers, as noted by the Public Accounts Committee. The Board mandates strict adherence to these instructions and requests annual reports on inspection actions, including for superannuation and gratuity funds, to ensure ongoing compliance.
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