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Report No. 12

308. Application for approval.-

(1) An application for approval of a superannuation fund or part of a superannuation fund for any assessment year shall be made in writing before the end of that year by the trustees of the fund to the Income-tax Officer by whom the employer is assessable, and shall be accompaniechby a copy of the instrument under which the fund is established and by two copies of the rules and of the accounts of the fund for the last previous year for which such accounts have been made up. The Central Board of Revenue may require such further information to be supplied as it thinks proper.

(2) If any alteration in the rules, constitution, objects or conditions of the fund is made at any time after the date of the application for approval, the trustees of the fund shall forthwith communicate such alteration to the Income-tax Officer mentioned in sub­section (1), and in default of such communication any approval given shall, unless the Central Board of Revenue otherwise orders, be deemed to have been withdrawn from the date on which the alteration took effect.

[Section 58Q]

Treatment of Investments and Contributions.



Income-Tax Act, 1922 Back




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