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Sch. IV Part B Rule 11 – Income Tax Act, 1961

Income Tax Act, 1961





(1) In addition to any power conferred by this Part, the Board may make rules – (a) Prescribing the statements and other information to be submitted along with an application for approval;


(b) Prescribing the returns, statements, particulars, or information which the Assessing Officer may require from the trustees of an approved superannuation fund or from the employer;


(c) Limiting the ordinary annual contribution and any other contributions to an approved superannuation fund by an employer;


(cc) Regulating the investment or deposit of the moneys of an approved superannuation fund :


Provided that no rule made under this clause shall require the investment of more than fifty per cent. of the moneys of such fund in Government securities as defined in section 2 of the Public Debt Act, 1944 (18 of 1944); 


(d) Providing for the assessment by way of penalty of any consideration received by an employee for an assignment of, or creation of a charge upon, his beneficial interest in an approved superannuation fund;


(e) Determining the extent to, and the manner in, which exemption from payment of tax may be granted in respect of any payment made from a superannuation fund from which approval has been withdrawn;


(f) Providing for the withdrawal of approval in the case of a fund which ceases to satisfy the requirements of this Part or of the rules made thereunder; and


(g) Generally, to carry out the purposes of this Part and to secure such further control over the approval of superannuation funds and the administration of approved superannuation funds as it may deem requisite.


(2) All rules made under this Part shall be subject to the provisions of section 296.


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Income Tax Act, 1961 


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