33. In the Fourth Schedule to the Income-tax Act, in Part A, in rule 3, in sub-rule (1), in the first provison, for the figures, letters and words "31st day of December, 2010", the figures, letters and words "31st day of March, 2012" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of January, 2011.
Notes on Clauses:
Clause 33 of the Bill seeks to amend Part A of the Fourth Schedule to the Income-tax Act, relating to recognised provident funds.
Rule 3 in Part A of the Fourth Schedule provides that the Chief Commissioner or Commissioner may accord recognition to any provident fund which, in his opinion, satisfies the conditions specified under rule 4 in Part A of the said Schedule and the conditions, which the Board may specify by rules.
The first proviso to sub-rule (1) of the said rule 3 provides that in a case where recognition has been accorded to any provident fund on or before the 31st day of March, 2006, the same shall be withdrawn, if such fund does not satisfy, on or before the 31st day of December, 2010, the conditions set out in clause (ea) of said rule 4, and any other conditions which the Board may, by rules, specify in this behalf.
It is proposed to amend the said proviso to sub-rule (1), so as to extend the said time limit to the 31st day of March, 2012.
This amendment will take effect retrospectively from 1st January, 2011.