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Report No. 12

291. Relaxation of conditions.-

(1) Notwithstanding anything contained in section 290(a) [38C(1), (a) main paral, the Commissioner may, if he thinks fit, and subject to such conditions, if any, as he thinks proper to attach to the recognition, accord recognition to a fund maintained by an employer whose principal place of business is not in India, provided the proportion of employees employed outside India does not exceed ten per cent.

[Section 58C(1)(a), proviso]

(2) Notwithstanding anything contained in section 290(b) [58C(1) (b) main paral, an employee who retains his employment while serving in the armed forces of the Union or when taken into or employed in the national service under any law for the time being in force, may, whether he receives from the employer any salary or not, contribute to the fund during his service in the armed forces of the Union or while so taken into or employed in the national service a sum not exceeding the amount he would have contributed had he continued to serve the employer.

[Section 58C(1)(b), proviso]

(3) Notwithstanding anything contained in section 290(d) [58C(1)(d) main para] or section 290(g) [58C(1) (g), earlier part],-

(a) at the request made in writing by the employee who ceases to be an employee of the employer maintaining the fiend, the trustees of the fund may consent to retain the whole or any part of the accumulated balance due to the employee to be drawn by him at any time on demand;

[Section 58(0(1)(g), latter part]

(b) where the accumulated balance due to an employee who has ceased to be an employee is retained in the fund in accordance with clause (a) of this sub-section, the fund may consist also of the accumulated balance due to the employee...and of interest (simple and compound) in respect thereof

[Section 58C(1)(d), proviso]

(4) Subject to any rules which the Central Government may make in this behalf, the Commissioner may, in respect of any particular fund, relax the provisions of section 290(c) [58C (1) (c)]-

(a) so as to permit the payment of larger contributions by an employer to the individual accounts of employees whose salary does not exceed five hundred rupees per mensem; and

(b) so as to permit the crediting by employers to the individual accounts of employees of periodical bonuses or other contributions of a contingent nature, where the calculation and payment of such bonuses or other contributions is provided for on definite principles by the regulations of the fund.

[Section 58D]

(5) Notwithstanding anything contained in section 290(h) [58C(1)(h)j, in order to enable an employee to pay the amount of tax assessed on his total income as determined under section 299(3) [58J(3)], the shall be entitled to withdraw from the balance to his credit in the recognised provident fund a sum not exceeding the difference between such amount and the amount to which he would have been assessed if the transferred balance referred to in section 299(3) [section 58J(3)] had not been included in his total income.

[Section 581(4)]



Income-Tax Act, 1922 Back




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