657/CBDT. - Income Tax - 657/CBDT

INSTRUCTION NO. 657/CBDT Dated : January 28, 1974 Section(s) Referred: 4th Schedule Statute: Income - Tax Act, 1961 The Board has decided that where the Superannuation Funds have already been approved under Income-tax Act, 1922 no action need be taken to withdraw the approval but approval under Income-tax Act, 1961 may not be granted unless the rule of the Funds is amended so as to bring it in conformity with the Rule 3(b) of Part B of the Fourth Schedule to I-Tax Act, 1961. The Rules of the funds should not contain a provision for payment of pension to persons leaving service voluntarily.