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of <h1>Rule 107 mandates trustee approval for gratuity payments during business closure to protect beneficiary rights.</h1> Rule 107 of the Income-tax Rules, 1962, addresses the procedure for winding up or discontinuing an employer's trade or undertaking. It mandates that trustees must secure prior approval from the Chief Commissioner or Commissioner to arrange for the payment of gratuity to existing beneficiaries. These arrangements must comply with any conditions imposed by the approving authority, ensuring that beneficiaries receive their entitled gratuities despite the winding up or discontinuation of the business.
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