India - Income Tax Act 2010 - Saarc

1.995 SCH. IV - APPROVED SUPERANNUATION FUNDS R. 4(4) The 65 [Chief Commissioner or Commissioner] shall neither refuse nor withdrawapproval to any superannuation fund or any part of a superannuation fundunless he has given the trustees of that fund a reasonable opportunity of beingheard in the matter.Conditions for approval.3. In order that a superannuation fund may receive and retain approval, it shallsatisfy the conditions set out below and any other conditions which the Boardmay, by rules, prescribe—66(a) the fund shall be a fund established under an irrevocable trustin connection with a trade or undertaking carried on in India, andnot less than ninety per cent of the employees shall be employed inIndia;(b) the fund shall have for its sole purpose the provision of annuities foremployees in the trade or undertaking on their retirement at or aftera specified age or on their becoming incapacitated prior to suchretirement, or for the widows, children or dependants of persons whoare or have been such employees on the death of those persons ;(c) the employer in the trade or undertaking shall be a contributor to thefund ; and(d) all annuities, pensions and other benefits granted from the fund shallbe payable only in India.Application for approval.4. (1) An application for approval of a superannuation fund or part of asuperannuation fund shall be made in writing by the trustees of the fund tothe 67 [Assessing] Officer by whom the employer is assessable, and shall beaccompanied by a copy of the instrument under which the fund is establishedand by two copies of the rules 68 [and, where the fund has been in existence duringany year or years prior to the financial year in which the application for approvalis made, also two copies of the accounts of the fund relating to such prior yearor years (not being more than three years immediately preceding the year inwhich the said application is made)] for which such accounts have been made up,but the 69 [Chief Commissioner or Commissioner] may require such furtherinformation to be supplied as he thinks proper.(2) If any alteration in the rules, constitution, objects or conditions of the fund ismade at any time after the date of the application for approval, the trustees ofthe fund shall forthwith communicate such alteration to the 70 [Assessing]65. Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.66. See also Circular No. 500, dated 9-12-1987, Circular No. 444, dated 13-12-1985, CircularNo. 482, dated 26-3-1987 and Circular No. 595, dated 5-3-1991. For details, see Taxmann’sMaster Guide to Income-tax Act.67. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.68. Substituted for “and of the accounts of the fund for the last year” by the Taxation Laws(Amendment) Act, 1970, w.e.f. 1-4-1971.69. Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.70. Substituted for “Income-tax”, ibid.