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Rule 301Published

Rule 301: Definitions for superannuation fund Rules 302 to 315

Rule 301 defines four terms used in Rules 302 to 315. Rules 301 to 315 govern approved superannuation funds under Part B of Schedule XI to the Act. The "fund" includes a fund set up solely to pay pension or family pension by the employer to employees.

Official notified Income-tax Rules, 2026

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Bare law

Rule 301 - Definitions for purposes of rules 302 to 315

For the purposes of rules 302 to 315 the expressions,–

(a) "approving authority" means the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner.

(b)"beneficiary" means a person referred to in paragraph 3(b) of Part B of Schedule XI to the Act for whom provision of annuity is made;

(c) "fund" means a superannuation fund or a part of a superannuation fund which includes a fund, by whatever name called, established or constituted with a sole purpose of making payment of pension or family pension by the employer to his employees; and

(d) "trust" means the trust under which the superannuation fund is established and the expression "trustee" means a trustee thereof.

Rule breakdown

Definitions

Approving authority: the Principal Chief Commissioner, Chief Commissioner, Principal Commissioner or Commissioner.

Beneficiary: a person referred to in paragraph 3(b) of Part B of Schedule XI for whom provision of annuity is made.

Fund: a superannuation fund or part of one, including a fund established solely to pay pension or family pension by the employer to employees.

Trust and trustee: the trust under which the superannuation fund is established, and its trustee.

Key takeaways

Approving authority

PCCIT, CCIT, PCIT or CIT.

Pension funds included

Funds solely for pension or family pension are covered.

Scope

Rules 302 to 315 only.

Practical checklist

  • Read Rules 302 to 315 with these definitions.

Avoid

  • Do not apply these definitions to gratuity funds; Rule 316 has separate definitions.

FAQs

Who is the approving authority?

The Principal Chief Commissioner, Chief Commissioner, Principal Commissioner or Commissioner (Rule 301(a)).

Does a pension-only fund count?

Yes, the definition of fund includes a fund set up solely to pay pension or family pension (Rule 301(c)).

Who is a beneficiary?

A person referred to in paragraph 3(b) of Part B of Schedule XI for whom annuity is provided.

Glossary

Superannuation fund
A fund providing annuities or pension for employees on retirement.
Approving authority
Defined in Rule 301(a).

Official sources

Related rules