Rule 294 requires provident fund accounts to be prepared at intervals of no more than twelve months, kept per subscriber in Form No. 185, with an abstract for each employee furnished to the Assessing Officer by 15 June, and a yearly statement sent to each member.
294
Rules 2026 · Rule 294
Accounts (recognised provident fund)
Rules 261-310
The rules. Accounts are prepared at intervals of not more than twelve months (sub-rule 1), with an account for each subscriber containing the particulars in Part A of Form No. 185 (sub-rule 2). If the accounts are kept outside India, certified copies go to a local representative of the employer in India by 15 June each year or a later date the Assessing Officer fixes (sub-rule 3). The trustees furnish an abstract of each participating employee's individual account for the tax year in Part B of Form No. 185 to the Assessing Officer of the area where the accounts are kept (or where the employer's local headquarters is, if kept abroad) by 15 June each year or a later date fixed (sub-rule 4). The account under paragraph 11(1) of Part A of Schedule XI shows, for each employee, total salary paid during participation, total contributions, total accrued interest and, so far as may be, the percentage of salary contributed by employer and employee (sub-rule 5). Every employer sends each member, soon after the close of each financial year, a statement showing the opening balance, amount contributed, interest credited or debited, and closing balance (sub-rule 6).