Provident Fund Audit Requirement

[kashifk89]

Hello..

I am a trainee at A.F Ferguson & Co. I have recently come across a question regarding the audit requirement of Provident funds..

Apart from the requirement of Trust Deed is there any law applicable which requires the companies to get their funds audited ? If yes please provide the source..

Looking forward to your replies

[kashifk89]

anyone ?

[majidrajpar]

yesthe requirement lies in tax rules, I cant remember the specific schedule, but again that is under provisio that if you(PF) are registered under ITO that applies, other than that I cudnt run into a straight reference. This is not very helpful I know, but it gives a lead to somewhere

[kashifk89]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by majidrajpar</i>
<br />yesthe requirement lies in tax rules, I cant remember the specific schedule, but again that is under provisio that if you(PF) are registered under ITO that applies, other than that I cudnt run into a straight reference. This is not very helpful I know, but it gives a lead to somewhere
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Thanx for your effort.. Appreciate it )

[Nauman]

I do not remember the exact reference but in order to get income of provident fund exempted the accounts must be audited, something along these lines. I'll post the exact reference when I get time.