Contribution to approved superannuation fund - Whether pension benefits can be provided to employees under rule 89 of Income-tax Rules in the form of "annuity certain" also

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....es in the form of "annuity certain" also Circular No. 403 Dated  12/5/1984 1. An assessee is entitled under section 36(1)(iv) of a deduction of any sum paid as an employer by way of contribution towards an approved superannuation fund subject to such limits as may be prescribed by the Board or such conditions as the Board may think fit to specify. 2. As per rule 89 of the Income-t....

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....d out that rule 89 refers to the purchase of an annuity from the LIC at the time of retirement or death of each employee or on his becoming incapacitated prior to retirement and rule 90 lays down the condition that only one-third of such annuity can be commuted having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality. Ru....