Inspection of recognised provident fund accounts required; mandatory verification, notices and potential withdrawal of recognition, with annual compliance reports. Inspection of recognised provident fund accounts under Rule 74 is required to verify continued fulfilment of recognition conditions. Trustees must be issued an annual enquiry within three months after the financial year; information is examined for employer defaults in contributions. Where breaches are found, notices and show cause proceedings must be issued and, after opportunity to reply, recognition may be withdrawn. Lists of recognised provident, approved superannuation and approved gratuity funds must be maintained, cases assigned to Income tax Officers, and annual compliance reports submitted for monitoring.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Inspection of recognised provident fund accounts required; mandatory verification, notices and potential withdrawal of recognition, with annual compliance reports.
Inspection of recognised provident fund accounts under Rule 74 is required to verify continued fulfilment of recognition conditions. Trustees must be issued an annual enquiry within three months after the financial year; information is examined for employer defaults in contributions. Where breaches are found, notices and show cause proceedings must be issued and, after opportunity to reply, recognition may be withdrawn. Lists of recognised provident, approved superannuation and approved gratuity funds must be maintained, cases assigned to Income tax Officers, and annual compliance reports submitted for monitoring.
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