Income Tax Act, 1961
Sch. IV Part A Rule 15. PROVISIONS RELATING TO RULES.
(1) In addition to any power conferred by this Part, the Board may make rules – (a) Prescribing the statements and other information to be submitted along 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;
(bb) Regulating the investment or deposit of the moneys of a recognised provident fund :
Provided that no rule made under this clause shall require the investment of more than fifty per cent. of the moneys of such fund in Government securities as defined in section 2 of the Public Debt Act, 1944 (18 of 1944);
(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 tax may be granted in respect of contribution and interest credited to the individual accounts of employees in a provident fund from which recognition has been withdrawn; and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 purpose of this Part and to secure such further control over the recognition of provident funds and the administration of recognised provident funds as it may deem requisite.
(2) All rules made under this Part shall be subject to the provisions of section 296.