Amendment of Fourth Schedule
50. In the Fourth Schedule to the Income-tax Act, in Part A, in rule 3, in sub-rule (1), in the first proviso, for the figures, letters and words “31st day of March, 2013”, the figures, letters and words “31st day of March, 2014” shall be substituted.
Notes on Clauses:
Clause 50 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 of Part A of the said Fourth Schedule and any other 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 31st March, 2006 and such provident fund does not satisfy the conditions set out in clause (ea) of said rule 4, and any other conditions which the Board may specify by rules in this behalf, the recognition to such fund shall be withdrawn, if the fund does not satisfy the conditions on or before 31st March, 2013.
It is proposed to amend the said proviso to sub-rule (1), so as to extend the said time limit up to 31st March, 2014.
This amendment will take effect retrospectively from 1st April, 2013.
