Income-tax Act, 2025

RECOGNISED PROVIDENT FUNDS - Schedule XI

SCHEDULE XI

[See section 2(91)]

PART A

RECOGNISED PROVIDENT FUNDS

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. For the purposes of this Part, unless the context otherwise requires,

(a) "approving authority" means the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner;

(b) "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";

(c) "employee" means an employee participating in a provident fund, excluding personal or domestic servant;

(d) "contribution" means any sum credited by or on behalf of any employee out of his salary, or by an employer out of his own funds, to the individual account of an employee, excluding any sum credited as interest;

(e) "balance to the credit of an employee" means the total amount to the credit of his individual account in a provident fund at any time;

(f) "annual accretion", in relation to the balance to the credit of an employee means the increase to such balance, in any year arising from contributions and interest;

(g) "accumulated balance due to an employee" means the balance to his credit, or portion thereof claimable by the employee under the regulations of the fund, on the day he ceases to be an employee of the employer maintaining the fund;

(h) "regulations of a fund" means the specific regulations governing the constitution and administration of a particular provident fund; and

(i) "salary" includes dearness allowance, if prov .... To read the full section download the app from Google Play store