58C. Conditions to be satisfied by a recognised provident fund.—(1) In order that a provident fund may receive and retain recognition, it shall satisfy the conditions set out below and any other conditions which the
[Central Government] may, by rule, prescribe—(
a) All employees shall be employed in India, or shall be employed by an employer whose principal place of business is in
[the taxable territories]:
[Provided that the Commissioner may, if he thinks fit and subject to such conditions, if any, as he thinks proper to attach to the recognition, accord recognition to a fund maintained by an employer whose principal place of business is not in
[the taxable territories] notwithstanding that a proportion not exceeding ten per cent, of the employees is employed outside India.](
b) The contributions of an employee in any year shall be a definite proportion of his salary for that year, and shall be deducted by the employer from the employee's salary in that proportion, at each periodical payment of such salary in that year, and credited to the employee's individual account in the fund:
[Provided that an employee who retains his employment while serving in
[the Armed Forces of the Union] or when taken into or employed in the national service under the National Service (European British Subjects) Act, 1940, or the National Service (Technical Personnel) Ordinance, 1940, may, notwithstanding that he receives from the employer no salary or a salary less than he would have received had he not entered
[the Armed Forces of the Union], or been so taken into or employed in the national service, contribute to the fund during his service in
fthe Armed Forces of the Union] or while so taken into or employed in the national service a sum not exceeding the amount he would have contributed had he continued to receive from the employer the
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