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Report No. 12

303. Provisions relating to rules.-

(1) All rules made under this Chapter shall be subject to the provisions of section 329 (4) [sub-section (5) of section 59].

(2) In addition to any power conferred by this Chapter, the Central Government may make rules-

(a) prescribing the statements and other information to be submitted with an application for recognition;

(b) limiting the contributions to a recognised provident fund by employees of a company who are shareholders in the company;

(c) providing for the assessment by way of penalty of any consideration received by an employee for an assignment of, or creation of a charge upon, his beneficial interest in a recognised provident fund;

(d) determining the extent to and the manner in which exemption from payment of income-tax and super-tax may be granted in respect of contributions and interest credited to the individual accounts of employees in a provident fund from which recognition has been withdrawn; and

(e) generally, to carry out the purposes of this Chapter and to secure such further control over the recognition of provident funds and the administration of recognised provident funds as it may deem requisite.

[Section 58L]

Income-Tax Act, 1922 Back

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