TaxTMI 
TaxTMI 
Inspection of provident fund accounts under Rule 74.
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....O.215/12/72-ITA(II), DATED 2-8-73. III)INSTRUCTION NO.1188 VIDE F.NO.215/11/78-ITA(II), DATED 22-6-78. 2. The Board had in its letter dated 12-2-71 desired that Income-tax returns should be called for from the recognised provident funds and the same should be gone through to see that the rules have not been violated. Such verifications of accounts of the recognised provident funds were to be....
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....asis of the current scrutiny that there has been infringement of the provisions in any assessment year appropriate proceedings may be taken. 4. Instruction No.1188 dated 22nd June 1978, while reiterating the administrative arrangements for the assessments of recognised funds, directed that the work of verifying whether a fund continues to observe the conditions for obtaining recognition should ....
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.... not fulfilled and or the employer is in default of payment, notice as to why recognition be not withdrawn as provided in the rules should be issued to the employer and the trustees of the fund; d) If the requisite particulars are not furnished even after affording sufficient time for the purpose a show cause notice should be issued; e) On receipt of the reply or after giving adequate opport....
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....ined and the Board has reviewed the position. The instructions already issued on the subject cover all the requirements set out by the PAC in the recommendation referred to above. 7. In spite of clear instructions on the subject the Board find that no worthwhile action is being taken to ensure that accounts of the recognised provident funds comply with the statutory requirements. The Board ther....