Provident Funds—Recognition under Section 3(1) of Part A of the Fourth Schedule to Income-tax Act, 1961—Provident Fund Exempt U/s 17(1) of the Employees Provident Fund Act/Para 79 of E.P.F. Scheme, 1962 or Para 27A of the Employees Provident Fund Scheme, 1952

Circular No, 153-CBDT F. No. 215/22/71-ITA-II, dated 30th November, 1974—CBDT Bulletin XX/1/95 page 16

The funds which are not established under the Employees Provident Fund Scheme, 1952, have to be expressly recognised by the Commissioner under rule 3 of Part A of the Fourth Schedule to the Income-tax Act 1961 before they can be covered by the definition of section 2(38) of the Act.

When a Fund is exempted under section 17 of the Employees Provident Fund and Family Pension Fund Act, 1952 it is implicit that it is not established under the Employees Provident Fund Scheme/ 1952. It has, therefore, to be recognised by the Commissioner under the relevant provisions of the Income-tax Act before it can enjoy benefits of a recognised Provident fund under the Act. in view thereof, Board's circular No. 44/14/64-ITJ, dated 22nd March, 1965 is withdrawn with immediate effect.

[Circular No, 153-CBDT F. No. 215/22/71-ITA-II, dated 30th November, 1974—CBDT Bulletin XX/1/95 page 16]