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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Rule 67A: Employees Can Nominate Provident Fund Beneficiaries; Family Members Prioritized; Use Form No. 40A for Nominations.</h1> Rule 67A of the Income Tax Rules, 1962, allows employees to nominate individuals to receive their provident fund balance upon their death. Nominations must be made using Form No. 40A or a similar form. If multiple nominees are chosen, the employee must specify the share for each. Nominations must favor family members if the employee has a family; otherwise, they are invalid. If the employee has no family, nominations can be made to any person but must be updated if a family is later acquired. Nominations can be modified with written notice, and they take effect upon receipt by the trustees. Family includes the employee's spouse, children, and dependent parents.
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