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Report No. 12

317. Provisions relating to rules.-

(1) All rules made under this Chapter shall be subject to the provisions of section 329(4) [sub-section (5) of section 59].

(2) In addition to any power conferred by this Chapter, the Central Government may make rules-

(a) prescribing the statements and other information to be submitted with an application for approval;

(b) prescribing the returns, statements, particulars, or information which the Income-tax 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;

(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 income-tax and super-tax may be granted in respect of any payment made from a superannuation fund from which approval has been withdrawn;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 satisfif the requirements of this Chapter or of the rules made thereunder; and

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

Income-Tax Act, 1922 Back

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