Section 57 - Amendment of Fourth Schedule - Taxation Laws (Amendment) Act, 1970

57. Amendment of Fourth Schedule. In the Fourth Schedule to the Income-tax Act,-- (a) in Part A, in rule 15, in sub-rule (1), after clause (b), the following clause shall be inserted, namely:- (bb) regulating the investment or deposit of the moneys of a recognised provident fund: Provided that no rule made under this clause shall require the investment of more than fifty per cent, of the moneys of such fund in Government Securities as defined in section 2 of the Public Debt Act, 1944 (18 of 1944). ; (b) in Part B,- (i) in rule 4, in sub-rule (1), for the words and of the accounts of the fund for the last year for which such accounts have been made up , the following shall be substituted, namely:- and, where the fund has been in existence during any year or years prior to the financial year in which the application for approval is made, also two copies of the accounts of the fund relating to such prior year or years (not being more than three years immediately preceding the year in which the said application is made) for which such accounts have been made up ; (ii) in rule 11, in sub-rule (1), after clause (c), the following clause shall be inserted, namely: - (cc) regulating the investment or deposit of the moneys of an approved superannuation fund: Provided that no rule made under this clause shall require the investment of more than fifty per cent. of the moneys of such fund in Government Securities as defined in section 2 of the Public Debt Act, 1944 (18 of 1944). ; (c) in Part C,- (i) in rule 4, in sub-rule (1), for the words and of the accounts of the fund for the last three years for which such ac- counts have been made up , the following shall be substituted, namely:- and, where the fund has been in existence during any year or years prior to the financial year in which the application for approval is made, also two copies of the accounts of the fund relating to such prior year or years (not being more than three years immediately preceding the year in which the said application is made) for which such accounts have been made up ; (ii) after rule 8, the following rule shall be inserted. namely: 8A. Particulars to be furnished in respect of gratuity funds. The trustees of an approved gratuity fund and any employer who contributes to an approved gratuity fund shall, when required by notice from the Income-tax Officer, furnish within such period, not being less than twenty-one days from the date of the notice, as may be specified in the notice, such return, statement, particulars or information, as the Income-tax Officer may require. ; (iii) in rule 9, in sub-rule (1), after clause (b), the following clause shall be inserted, namely:- (bb) regulating the investment of deposit of the moneys of an approved gratuity fund: Provided that no rule made under this clause shall re- quire the investment of more than fifty per cent. of the moneys of such fund in Government Securities as defined in section 2 of the Public Debt Act, 1944 (18 of 1944). .