-অনুমোদনের পদ্ধতি-

(1) For the purpose of obtaining approval for a provident fund, the employer must submit an application in the prescribed manner to the Commissioner under whose jurisdiction the taxpayer’s tax is assessed.

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

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

(4) The Commissioner shall, within 60 (sixty) days from the date of receipt of the application, provide his decision on the application through a written order, and if no such decision is provided, the fund shall be deemed to have been approved.

(5) If approval is granted, the order shall include the following matters—

(a) The conditions and eligibility criteria for approval;

(b) The date from which the approval shall take effect;

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

(6) In the financial year in which the approval decision is made, the effective date of approval shall not be a date after the last date of that financial year.

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

Comment :