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Sch. IV Part A Rule 3 – Income Tax Act, 1961

Income Tax Act, 1961






(1) The Chief Commissioner or Commissioner may accord recognition to any provident fund which, in his opinion, satisfies the conditions prescribed in rule 4 and the rules made by the Board in this behalf, and may, at any time, withdraw such recognition if, in his opinion, the provident fund contravenes any of those conditions.


(2) An order according recognition shall take effect on such date as the Chief Commissioner or Commissioner may fix in accordance with any rules the Board may make in this behalf, such date not being later than the last day of the financial year in which the order is made.


(3) An order withdrawing recognition shall take effect from the date on which it is made.


(4) An order according recognition to a provident fund shall not, unless the Chief Commissioner or Commissioner otherwise directs, be affected by the fact that the fund is subsequently amalgamated with another provident fund on the occurrence of an amalgamation of the undertakings in connection with which the two funds are maintained, or that it subsequently absorbs the whole or a part of another provident fund belonging to an undertaking which is wholly or in part transferred to or merged in the undertaking of the employer maintaining the first mentioned fund.


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Income Tax Act, 1961 


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