Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Nomination rights allow employees to appoint family nominees for provident fund balances, modifiable by written notice. Nomination grants specified persons the right to receive an employee's provident fund balance on death and must be made in Form No. 40A; multiple nominees must have specified shares covering the whole amount. Nominations made while the employee has a family must favour family members and are invalid if made in favour of non-family; nominations made when the employee has no family are valid until the employee acquires a family. Nominations may be modified by written notice in Form No. 40B, take effect when received by trustees, and a predeceased nominee's interest reverts to the employee.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Nomination rights allow employees to appoint family nominees for provident fund balances, modifiable by written notice.
Nomination grants specified persons the right to receive an employee's provident fund balance on death and must be made in Form No. 40A; multiple nominees must have specified shares covering the whole amount. Nominations made while the employee has a family must favour family members and are invalid if made in favour of non-family; nominations made when the employee has no family are valid until the employee acquires a family. Nominations may be modified by written notice in Form No. 40B, take effect when received by trustees, and a predeceased nominee's interest reverts to the employee.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.