Accounts.

294. (1) The accounts of a provident fund shall be prepared at intervals of not more than twelve months.

(2) An account shall be maintained for each subscriber to the fund and it shall include the particulars shown in Part A of Form No. 185.

(3) Where the accounts of a provident fund are kept outside India, certified copies of the accounts shall be supplied not later than the 15th June in each year or any other subsequent date fixed by the Assessing Officer to a local representative of the employer in India.

(4) An abstract of the individual account for the tax year of each employee participating in a provident fund shall be furnished by the trustees in Part B of Form No. 185—

(a)		to the Assessing Officer of the area in which the accounts of the fund are kept, or if the accounts are kept outside India, to the Assessing Officer of the area in which the local headquarters of the employer are situated; and
(b)		by the 15th June in each year or any other subsequent date fixed by the Assessing Officer.

(5) The account to be made under the provisions of paragraph 11(1) of Part A of Schedule XI to the Act shall show in respect of each employee,—

(a)		the total salary paid to the employee during the period of his participation in the provident fund;
(b)		the total contributions;
(c)		the total interest which has accrued thereon; and
(d)		so far as may be, the percentage of the salary of the employee in accordance with which contributions have been made by the employer and employee.

(6) Every employer shall, as soon as possible, after the close of each financial year, send to each member, a statement of his account in the fund showing the following details:—

(a)		opening balance at the beginning of the period;
(b)		amount contributed during the year;
(c)		the total amount of interest credited at the end of the period or debited in the period; and
(d)		the closing balance at the end of the period.