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Rule 87 of Income Tax Rules 1962: Ordinary Annual Contributions
Rule 87 : Ordinary annual contributions
(Part XIII : Approved Superannuation Funds)
The ordinary annual contribution by the employer to a fund in respect of any particular employee shall not exceed twenty-seven per cent of his salary for each year as reduced by the employer's contribution, if any, to any provident fund (whether recognised or not) in respect of the same employee for that year.
Extra Notes for Readers:
- The above mentioned 27 % was substituted for 25% by the Income Tax (2nd Amendment) Rules, 1998. (effective from 22nd Sep. 1997)
Reference/Source: Check at Income Tax site for latest version of the Rules - link