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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Pension Benefits Not Allowed as 'Annuity Certain' u/r 89; Superannuation Funds Must Amend Rules or Risk Approval Loss.</h1> The circular addresses whether pension benefits can be provided to employees under rule 89 of the Income-tax Rules as an 'annuity certain.' It clarifies that under section 36(1)(iv), an employer can deduct contributions to an approved superannuation fund, but rule 89 specifies that annuities should be purchased from the Life Insurance Corporation at retirement or death. The Board concludes that superannuation funds offering 'annuity certain' are not eligible for approval under rule 89. Existing approved funds must amend their rules within three months to comply, or face potential withdrawal of approval.
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