Fourth Schedule – Part A of Income Tax Act

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THE FOURTH SCHEDULE
PART A
RECOGNISED PROVIDENT FUNDS
[See sections 2(38), 10(12), 10(25), 36(1)(iv), 87(1)(d), 111, 192(4)] 

Application of Part.
1. This Part shall not apply to any provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies.
Definitions.
2. In this Part, unless the context otherwise requires,—
(a) “employer” means any person who maintains a provident fund for the benefit of his or its employees, being—
(i) a Hindu undivided family, company, firm or other association of persons, or
(ii) an individual engaged in a business or profession the profits and gains whereof are assessable to income-tax under the head “Profits and gains of business or profession”;
(b) “employee” means an employee participating in a provident fund, but does not include a personal or domestic servant;
(c) “contribution” means any sum credited by or on behalf of any employee out of his salary, or by an employer out of his own moneys, to the individual account of an employee, but does not include any sum credited as interest;

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