24 January 2011
I have come across one case where provident fund act is not applicable on Private Sector bank employees provident fund hence they have not taken exemption under the said act.
As per the finance act 2010 from janauary 01, 2011 all the pf trust, who are not exempted under section 17 of the PF act is liable for income tax and accordingly TDS is applicable on them.
As per assessee as it is not covered underPF act, the said condition is not applicable to him & accordingly he his liable for Income tax recognition certificate whic they have aplied in form 40C...and posess and should be treated as exempt asssesse
in the given scenarion should we treat assessee as exempt assessee as pf act is not applicable to the assesee as the pf act is not applicable on the assessee or we needto deduct TDS considering the assessee has not taken the exemption under the act
24 January 2011
Private bank is not registered under PF act. They are maintaining their own fund and for this they have taken registraion as a fund and applied in form C.
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