Income-tax Rules, 2026 | Rule 307 of 333

Rule 307 - Scheme of insurance or annuity Full text

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307Rule number

1620Local text characters

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Source and status control

Primary authority: Notification No. 22/2026 / G.S.R. 198(E)

Local legal-text status: LOCAL_EXTRACT_EXTERNAL_OFFICIAL_SOURCE_CONTROLS

Currentness control: Base Rules effective 1 April 2026. Check later amendments, corrigenda and portal implementation before action.

Local statutory extract - official source controls

Rule text held in the production corpus

307. Scheme of insurance or annuity.– (1) For the purpose of providing the annuities for the beneficiaries, the trustees shall— (a) enter into a scheme of insurance with the Life Insurance Corporation established under the Life Insurance Corporation Act, 1956 (31 of 1956) or any other insurer as defined in section 2(58) of the Act; or (b) accumulate the contributions in respect of each beneficiary and purchase an annuity from the said Life Insurance Corporation of India or any other insurer at the time of the retirement or death of each employee, or on his becoming incapacitated prior to retirement. (2) The provisions of sub-rule (1) shall not apply to a fund established or constituted, under an irrevocable trust, which has its sole purpose to make payment of pension or family pension, in accordance with the rules or regulations made under the following enactments:— (a) the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); or (b) the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); or (c) the State Bank of India Act, 1955(23 of 1955); or (d) the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); or (e) the National Bank for Agriculture and Rural Development Act, 1981(61 of 1981); or (f) the Industrial Development Bank of India Act, 1964 (18 of 1964); (g) the Export-Import Bank of India Act, 1981(28 of 1981); or (h) the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984); or (i) the Small Industries Development Bank of India Act, 1989(39 of 1989); or (j) the National Housing Bank Act, 1987 (53 of 1987).

Local extract SHA-256: 504ceec9cc2cec453cf3be29cd03aa2f1027a121c0e5c8b7882d734612783198. This hash authenticates the local extract only; it does not certify that every amendment, table or Gazette footnote has been consolidated.

Rule map

Related sections

2(58)

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