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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Income-tax Rules 67A, 101A: Trustees Can Discharge Liabilities to Nominees Without Probate Requirement.</h1> The circular addresses the amendment of rules 67A and 101A of the Income-tax Rules concerning recognized provident funds. Trustees of such funds are now allowed to include provisions in their rules stating that payment to a nominee will fully discharge their liabilities, preventing future claims. This change aims to simplify the process by allowing nominees to receive funds without needing probate or letters of administration, though trustees may require proof of representation if deemed necessary. Trust deeds with this provision will not be denied recognition if they meet other rule conditions.
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