Assessments of recognised provident funds.

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....d that a proper check of the accounts of recognised Provident funds subsequent to the granting of recognition should be carried out at regular intervals. It was desired that returns should be called for from provident funds and they should be gone through to see that the rules as laid down in the I.T.Act, 1961 and I.T.Rules, 1962 are not violated. Such verification was to be done in every alternat....

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....ributions. The Board is advised that recognition given to a provident fund can be withdrawn for nonpayment of the employer's or employees contributions to the fund. 4. Information received by the Board from various field formation shows that in very few cases action has been taken to withdraw recognition for infringement of the rules. The reasons for this have been examined by the Board and the....

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.... three months of the end of each financial year; (b) The information received should be examined so as to find out whether the conditions under which the fund has been recognised continue to be fulfilled. In particular it should be seen whether the employer is in default of any payment of the trustees of either the employer's or employees contribution or both; (c) If it is found that any of ....