অনুমোদনের পদ্ধতি

(1) For the purpose of obtaining approval for a provident fund or pension fund, an application shall be made by any one of the trustees of the concerned fund, in the prescribed manner, to the Commissioner under whose jurisdiction the taxpayer’s tax is assessed.

(2) If any changes are made to the rules, constitution, objectives, or conditions of the fund after the date of filing the application for approval, the applicant shall immediately inform the Commissioner of such amendments.

(3) The Commissioner shall consider the application, relevant records, and documents available to them and may, in writing, request additional documents from the trustee for consideration.

(4) While considering the application, the Commissioner may, if necessary, direct the applicant to appear before them.

(5) The Commissioner shall, within 180 (one hundred and eighty) days from the date of receipt of the application, provide their decision on the application through a written order, and in case of their failure to do so, the fund shall be deemed to have been approved.

(6) If approval is granted, the order shall include the following particulars, namely: —

(a) The conditions and eligibility for approval;

(b) The date from which the approval takes effect; and

(c) The duration of the approval, which shall not be less than 10 (ten) years.

(7) If approval is granted for a specific period, the trustee shall apply for an extension of the period before its expiry.

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