Verification of recognised funds: ongoing compliance checks required and approvals withdrawn where statutory conditions lapse. The Board requires that the Commissioner of Income-tax office carry out verification of continuing compliance by recognised funds, following the five-step ... Summary
Verification of recognised funds: ongoing compliance checks required and approvals withdrawn where statutory conditions lapse.
The Board requires that the Commissioner of Income-tax office carry out verification of continuing compliance by recognised funds, following the five-step procedure previously prescribed, to ensure that funds continue to observe the statutory conditions for recognition and exemption, and to take appropriate steps for withdrawal of approval of provident funds where conditions are not met.
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