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Rule – 89, Scheme of insurance or annuity

Rule – 91, Beneficiary not to have any interest in insurance and employer not to have any interest in fund’s moneys

Rule – 90, Commutation of annuity

Published by Law@HostBooks at Last Updated on August 9th, 2018 at 4:22 pm Published on March 28, 2018

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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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