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of <h1>Schedule XI sets trust, vesting and investment rules for provident, superannuation and gratuity funds; tax on excess contributions above 12%</h1> Schedule XI governs recognised provident, approved superannuation and gratuity funds, conditioning tax-favourable treatment on trust structure, vesting, permitted assets, payment rules and residency/employee thresholds; recognition/approval is discretionary and revocable. The Act and Bill are substantively aligned with drafting refinements, cross-reference edits and minor wording changes; the material divergence concerns which statute defines 'government securities,' affecting the 50% investment cap and trustees' permitted investments. Employer contributions above prescribed thresholds (e.g., excess over 12% for provident funds) and interest above notified rates are taxable to employees. Trustees/employers must maintain prescribed accounts, comply with reporting, monitor investments and face inspection, TDS and post-cessation liability risks.
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