Income Tax Act, 1961
Sch. IV Part C Rule 9. PROVISIONS RELATING TO RULES.
(1) ‘In addition to any power conferred in this Part, the Board may make rules – (a) Prescribing the statements and other information to be submitted along with an application for approval;
(b) Limiting the ordinary annual and other contributions of an employer to the fund;
(bb) Regulating the investment or deposit of the moneys of an approved gratuity 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);
(c) Providing for the assessment by way of penalty of any consideration received by an employee for an assignment of, or the creation of a charge upon, his beneficial interest in an approved gratuity fund;
(d) Providing for the withdrawal of the approval in the case of a fund which ceases to satisfy the requirements of this Part or the rules made thereunder; and
(e) Generally, to carry out the purposes of this Part and to secure such further control over the approval of gratuity funds and the administration of gratuity funds as it may deem requisite.
(2) All rules made under this Part shall be subject to the provisions of section 296.
