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of <h1>Income-tax Amendment Recognizes Private Insurers on Par with LIC for Pension and Gratuity Investments Under Section 295</h1> The Income-tax (15th Amendment) Rules, 2002, effective from October 23, 2000, amend the Income-tax Rules, 1962. These amendments, under Section 295 of the Income-tax Act, 1961, replace the 4th Amendment Rules, 2002. The changes to Rules 89 and 101 allow insurers approved by the Insurance Regulatory and Development Authority (IRDA) to be treated on par with the Life Insurance Corporation (LIC) for investment purposes in pension and gratuity funds. This adjustment aligns with the IRDA's registration of private insurers since October 23, 2000, ensuring no adverse effects on any assessee's interests.
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