Home Circulars 1978 Income Tax Income Tax - 1978 Order-Instruction - 1978 This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Delay in disposing applications leads to a number of problems and creates hardships. - Income Tax - 1190/CBDTExtract INSTRUCTION NO. 1190/CBDT Dated : April 6, 1978 It has come to the notice of the Board that a large number of applications for recognition/approval of provident/superannuation/gratuity funds are pending for disposal. Some of the pending applications were filed before 31st March, 1976. The delay in disposing of such applications leads to a number of problems and creates hardships. 2. Firstly contribution by employer to a fund which has not been approved is not a permissible deduction under law, secondly, unless the funds are approved the income of such funds will not be exempt u/s.10(25) of the I.T.Act. Thirdly in the case of provident funds, the employees do not get deductions u/s.80-C unless the fund is recognised. 3. In view of the hardships which are caused by delay in granting recognition/approval to such funds it is desired by the Board that all applications for recognition/approval of the funds which were received before 1st April 1978 must be disposed of by 30th september 1978. It is further desired that a report may be sent to the Board by the 10th of OCTOBER 1978 showing the number of applications disposed of in accordance with these instructions. If any such application is pending as on 30th September, 1978 the name of the case and the reasons for pendency may be furnished to the Board. If extra staff is required to attend to this work the Board desires that the same should be posted. In future applications must invariably be disposed of within 3 months of the receipt thereof.
|