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of <h1>Rule 90: Limits on Commutation of Annuity for Approved Superannuation Funds Based on Gratuity and Other Conditions.</h1> Under the Income Tax Rules, 1962, specifically Rule 90 regarding approved superannuation funds, the commutation of an annuity is limited based on specific conditions. If an employee receives a gratuity, the commuted value of the annuity cannot exceed one-third of the annuity they are normally entitled to. In cases where no gratuity is received, the commuted value is limited to one-half of the annuity. The calculation of this commuted value considers factors such as the recipient's age, health condition, interest rate, and officially recognized mortality tables.
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