Corporate Law, Income Tax, Service Tax, Customs, Excise, GST, RBI SEBI MCA Updates, Start-ups, Listed Company Compliance, Company Incorporation, Regulatory News, Indian Law, Legal Terms, Judicial Law, Board and Shareholder Meetings, Accounting, Foreign Investment, Government Policies, Resolutions, Auditing, Directors, Promoters, Share Capital, Initial Public Issue IPO, Trademark, Patent, Copyright, Trusts, Partnership Firms, LLPs, Private Company, Public Company, Stamp Duty, Stock Exchange.
Receive Daily Updates by Email (Free Subscription)
Rule 85 of Income Tax Rules 1962: Investment Of Fund Moneys
Rule 85 : Investment of fund moneys
(Part XIII : Approved Superannuation Funds)
All moneys contributed to the fund after the 31st day of October, 1974, or received or accruing after that date by way of interest or otherwise to the fund may be deposited in a Post Office Savings Bank Account in India or in a current account or in a savings account with any scheduled bank or utilised in accordance with rule 89 for making payments under a scheme of insurance or for purchase of annuities referred to in that rule; and to the extent such moneys as are not so deposited or utilised shall be invested in the manner specified in sub-rule (2) of rule 67, and for this purpose, the expression "investible moneys" in that sub-rule shall mean the moneys of the fund as are not deposited or utilised as aforesaid.
Extra Notes for Readers:
- Rule 85 was substituted by the Income Tax (4th Amendment) Rules, 1974, w.e.f. 1st Nov. 1974
Reference/Source: Check at Income Tax site for latest version of the Rules - link