44. Date of recognition of a provident fund.---- An order according recognition to a provident fund shall take effect from the last day of the month in which the application for recognition is received by the Commissioner concerned, unless, at the request of the employer, the last day of any later month in the same financial year is specified for such purpose

45. Form of appeal.---- An appeal under paragraph 13 of Part B of the First Schedule to the Ordinance shall be in the following form and shall be verified in the manner indicated therein:- An appeal under paragraph 13 of Part B of the First Schedule to the Ordinance shall be in the following form and shall be verified in the manner indicated therein :— Form of appeal against refusal to recognise or withdrawal of recognition from a provident Fond. To The National Board of Revenue, Dhaka....

46. Reparation and maintenance of provident fund accounts. etc.----     (1)   The accounts of a recognised provident fund shall be prepared at an interval of not more than twelve months. Account closed (2)  An  account  shall  be  maintained  for  each        subscriber   to   the   fund   and   it   shall        include  ...

47. Furnishing of an abstract of the provident fund account of an employee.— (1) An abstract for the financial year or other applicable accounting period of the individual account of each employee participating in a recognised provident fund whose income under the head “Salaries” is Taka 20,000 or over per annum, area in which the employer conducts his business or profession, or to such, other Deputy Commissioner of Taxes and such abstract shall be in the form specified in rule...

48. Particulars of accounts of employee participating in provident fund.— The account to be made under the provisions of paragraph 10(1) of Part B of the First Schedule to the Ordinance shall show in respect of each employee:— (i) the total salary paid to the employee during the period of his partici­pation in the provident fund. (ii) the total contributions. (iii) the total interest which has accrued thereon, and (iv) the percentage of the employee’s salary in accordance with...

49. Investment of contributions.— (1) Where the employer is not a company as defined in section 2(2) of the Companies Act, 1913 (VII of 1913), the contributions made by employees after the date of recognition of a provident fund and the interest on the accumulated balance of such contributions shall be wholly invested either in securities of the nature specified in clauses (a), (c), (d) or (f) of section 20 of the Trusts Act, 1882 (II of 1882), and payable both in respect of capital and interest...

50. Withdrawal from the provident fund.— (1) Withdrawals by employees shall not be allowed by the trustees except on special grounds in the following circumstances or circumstances of a similar nature— (a) to pay expenses incurred in connection with the illness of a subscriber or a member of his family; (b) to pay for the passage over the sea or by air of a subscriber or any member of his family; (c) to pay expenses in connection with marriages, funerals or ceremonies which, by the religion...

51. Repayment of withdrawals, etc.— (1) Where a withdrawal is allowed for a purpose specified in clause (d) or clause (e) of sub-rule (1) of rule 50, the amount withdrawn need not be repaid. (2) Where a withdrawal is allowed for a purpose other than that referred to in sub-rule (1), the amount withdrawn shall be repaid in not more than twenty-four equal monthly installments and shall bear interest in accordance with rule 52 and subject to the provisions of rule 50(3), no further withdrawal...

52. Interest on repayment of withdrawals and mode of recovery.— (1) In respect of withdrawals which are repaid in not more than twelve monthly instalments an additional instalment at the rate of 4 per cent of the amount withdrawn shall be paid on account of interest; and, in respect of withdrawals which are repaid in more than twelve monthly installments, two such instalments at the rate of 4 per cent, of the amount withdrawn shall be paid on account of interest: Provided that the trustees...

53. Withdrawal at the time of leave preparatory to retirement,— Notwithstanding anything contained in rules 50, 51 and 52 the trustees of the recognised provident fund may permit withdrawal of ninety per cent, of the amount standing at the credit of an employee if the employee takes leave preparatory to retirement, provided that if the rejoins duty on the expiry of his leave, he shall refund the amount drawn together with interest at the rate allowed by the fund.

54. Supply of certified copy of accounts maintained outside Bangladesh.— Where the accounts of a recognised provident fund are kept outside Bangladesh, certi­fied copies of the accounts shall be supplied not later than the fifteenth day of September in each year to a local representative of the employer in Bangladesh. Provided that the Deputy Commissioner of Taxes may, in any year, fix a date later than the fifteenth day of September as the date by which the certified copies shall be supplied.

55. Limitation on contribution by a shareholder who is an employee,— Where an employee of a company owns shares in the company 1( with a voting power exceedign five percent of the whole of such power), the sum of the contributions of the employee and employer to the recognised provident fund main­tained by the company shall not exceed taka 500 in any month. -------------------------------------------------------------------------- 1 Ins. vide S.R.O. No. 150-L/87, dt: 16-07-1987

56. Effect of assignment or charge upon his beneficial interest in a recognised provident fund.— If an employee assigns or creates a charge upon his beneficial interest to a recognised provident fund, the Deputy Commissioner of Taxes shall, on the fact of the assignment or charge coming to his knowledge, give notice to the employee that if he does not secure the cancellation of the assignment or charge within two months of the date of receipt of the notice, the consideration received for such...

57. Effect of withdrawal of recognition.— If the Commissioner withdraws recognition of a recognised provident fund, the balance to the credit of each employee at the end of the financial year prior to the date of the withdrawal of recognition shall be paid to him free of tax at the time when such employee receives the accumulated balance due to him and the remainder of the accumula­ted balance due to him shall be liable to tax as if the fund had never been recognised.

58. Restrictions as respects contribution, etc., by the employers.— (1) For the purpose of paragraph 3(c) proviso (i) of Part B of the First Schedule to the Ordinance, the employer’s aggregate contribution in any year, including the normal contribution to the individual account of any one employee whose salary does not exceed five hundred taka per menses shall not exceed double the amount of the contribution of the employee in that year. (2) The amount of the periodical bonuses and other...

1[58A. Application for approval of a gratuity fund.— (1) The application required to be made under sub-paragraph (1) of paragraph 4 of part C of the First Schedule to the Ordinance for approval of gratuity fund shall contain the following information, namely:- (a) Name and address of employer, his business or profession and principal place of business; (b) Classes and number of employees entitled to the benefits of the gratuity fund:- (i) in Bangladesh; (ii) outside Bangladesh; (c) The age...

1[58B. Return, statements, etc., that may be required to be furnished.— The trustees of an approved gratuity fund and an employer who contributes to an approved gratuity fund may be required by notice from the Deputy Commissioner of taxes under paragraph 8 of Part C of the First Schedule to the Ordinance to- (a) furnish a return containing such particulars of contributions as the notice may require; (b) prepare and deliver a return containing- (i) the name and place of residence of every person...

1[58C. Limits on contribution by the employer.— (1) the ordinary annual contribution by the employer to an approved gratuity fund in respect of any particular employee shall be made on such reasonable definite basis as may be approved by the Board with regard to the length of service of the employee so that such contribution shall not exceed salary of the employee for the last month of each financial year. (2) Subject to any condition which the Board may think fit to specify under this rule,...

58D. Investment or deposit moneys of a gratuity fund.---       All moneys contributed to an approved gratuity fund and interest on the accumulated balances of such contributions shall be deposited of invested in accordance with the provisions of rule 49.]

58E.Treatment of consideration in lieu of assignment, etc. of beneficial interest.----       If an employee assigns or creates a charge upon his beneficial interest in an approved gratuity fund, the Deputy Commissioner of Taxes shall, on the fact of the assignment or charge coming to his knowledge, give notice to the employee that if he does not secure the cancellation on the receipt of the notice, the consideration received for such assignment or charge shall be deemed...