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Rule 78 of Income Tax Rules 1962: Order of recognition

Rule 78 : Order of recognition
(Part XII : Recognised Provident Funds)

An order according recognition to a provident fund shall take effect from the last day of the month in which the application for recognition is received by the income-tax authority concerned, unless, at the request of the employer, the last day of any later month in the same financial year is specified :

Provided that if the Chief Commissioner or Commissioner is satisfied that there was sufficient reason for the delay in making such application, he may accord recognition to the fund from a date not earlier than the 1st day of April of the financial year in which the application is made.

Extra Notes for Readers:

- The Proviso to the Rule 78 was inserted by the Income Tax (2nd Amendment) Rules, 1971

Reference/Source: Check at Income Tax site for latest version of the Rules - link

This page was last updated on 17th October 2016.

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