Rule – 89, Scheme of insurance or annuity
March 28, 2018
Rule – 91, Beneficiary not to have any interest in insurance and employer not to have any interest in fund’s moneys
March 28, 2018

Rule – 90, Commutation of annuity

90. Any payment in commutation of annuity shall not exceed—

(a) in a case where the employee receives any gratuity, the commuted value of 25[one-third] of the annuity which he is normally entitled to receive, and
(b) in any other case, the commuted value of 26[one-half] of such annuity,

such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality.]

 
Reference: www.incometaxindia.gov.in
 

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