RULE 310 INCOME-TAX RULES 2026 Penalty, where employee assigns or charges interest in fund. 310. Where an employee assigns or creates a charge upon his beneficial interest in a fund, the Assessing Officer shall give notice to the employee that if he does not secure the cancellation of the assignment or charge within two months of… Read More »
RULE 309 INCOME-TAX RULES 2026 Beneficiary not to have any interest in insurance and employer not to have any interest in moneys of fund. 309. (1) No beneficiary shall have any interest in any insurance policy taken out by the trustees under the rules of a fund and he shall be entitled only to an annuity… Read More »
RULE 308 INCOME-TAX RULES 2026 Commutation of annuity. 308. Any payment in commutation of annuity shall not exceed— (a) in a case where the employee receives any gratuity, the commuted value of one-third of the annuity which he is normally entitled to receive, and (b) in any other case, the commuted value of one-half of such… Read More »
RULE 307 INCOME-TAX RULES 2026 Scheme of insurance or annuity. 307. (1) For the purpose of providing the annuities for the beneficiaries, the trustees shall— (a) enter into a scheme of insurance with the Life Insurance Corporation established under the Life Insurance Corporation Act, 1956 (31 of 1956) or any other insurer as defined in section… Read More »
RULE 306 INCOME-TAX RULES 2026 Initial contributions. 306. For purposes of the deduction allowable under section 29(1)(a), subject to any condition which the Board may think fit to specify, the initial contribution of the employer to a superannuation fund for the past services of an employee shall not exceed the total of 27% of the salary… Read More »
RULE 305 INCOME-TAX RULES 2026 Ordinary annual contributions. 305. The yearly contribution of the employer to a fund for each employee shall not exceed 27% of their salary for each year as reduced by any contributions the employer made to a provident fund for the same employee during that year, whether recognised or not.
RULE 304 INCOME-TAX RULES 2026 Admission of directors to a fund. 304. A director of a company, as defined in section 2(20) of the Companies Act, 2013 (18 of 2013), may only receive benefits from the fund, if he is a whole-time bona fide employee of the company and does not beneficially own shares in the company carrying… Read More »
RULE 303 INCOME-TAX RULES 2026 Investment of fund moneys. 303. (1) All moneys contributed to the fund, or received or accrued by way of interest, or otherwise, may be- (a) deposited in a Post Office Savings Bank Account in India; or (b) deposited in a current account or a savings account with any scheduled bank; or… Read More »
RULE 302 INCOME-TAX RULES 2026 Conditions regarding trust and trustees. 302. (1) The fund and the trust shall be established in India. (2) The trust shall have at least two trustees, provided that a company as defined in section 2(20) of the Companies Act, 2013 (18 of 2013) shall not be appointed as a trustee without… Read More »
RULE 301 INCOME-TAX RULES 2026 Definitions for purposes of rules 302 to 315. 301. For the purposes of rules 302 to 315 the expressions,— (a) “approving authority” means the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner; (b) “beneficiary” means a person referred to in paragraph 3(b) of Part B of Schedule XI… Read More »