Govt of India has revised the Investment pattern of moneys contributed to a provident fund under Rules 67(2) of Income tax Rules . Read following Notification. ( relevant Extract of Rule 67 are also produced) ]
PART XII
RECOGNISED PROVIDENT FUNDS
Rule 67 of Income Tax Rules read as under
Investment of fund moneys.
67 . (1) All moneys contributed to a provident fund (whether by the employer or by the employees) after the 31st day of October, 1974, or transferred after that date from the individual account of an employee in any recognised provident fund maintained by his former employer or accruing after that date by way of interest or otherwise to the fund may be deposited in a Post Office Savings Bank Account in India [or in a current account or a Savings Bank Account with any scheduled bank]; and to the extent such moneys as are not so deposited (such moneys as are not so deposited being hereafter in this rule referred to as investible moneys) shall be invested in the manner specified in sub-rule (2).
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 27th December, 2016
INCOME-TAX
S.O. 4168(E).—In exercise of the powers conferred by sub-section (1) of section 295 of the Incometax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (36th Amendment) Rules, 2016.
(2) It shall be deemed to have come into force from the 1st day of April, 2016.
2. In the Income-tax Rules, 1962, in rule 67, for sub-rule (2), the following shall be substituted, namely:-
“(2) The manner of investment referred to in sub-rule (1) shall be in accordance with the following Table, namely:-
TABLE INVESTMENT
PATTERN