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Sch. IV Part B Rule 3 – Income Tax Act, 1961

Income Tax Act, 1961

 

 

Sch. IV Part B Rule 3. CONDITIONS FOR APPROVAL.

 

 

In order that a superannuation fund may receive and retain approval, it shall satisfy the conditions set out below and any other conditions which the Board may, by rules, prescribe – (a) The fund shall be a fund established under an irrevocable trust in connection with a trade or undertaking carried on in India, and not less than ninety per cent. of the employees shall be employed in India;

 

(b) The fund shall have for its sole purpose the provision of annuities for employees in the trade or undertaking on their retirement at or after a specified age or on their becoming incapacitated prior to such retirement, or for the widows, children or dependants of persons who are or have been such employees on the death of those persons;

 

(c) The employer in the trade or undertaking shall be a contributor to the fund; and

 

(d) All annuities, pensions and other benefits granted from the fund shall be payable only in India.

 

 

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Income Tax Act, 1961 

 

Indian Laws – Bare Acts

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