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Rule 73 of Income Tax Rules 1962: Withdrawal within 12months before retirement

Rule 73 : Withdrawal within twelve months before retirement.
(Part XII : Recognised Provident Funds)

Notwithstanding anything contained in rules 68 to 72, it shall be open to the trustees of a provident fund to permit at any time within twelve months before the date of retirement on superannuation of an employee, the withdrawal of upto 90(ninety) per cent of the amount standing at the credit of the employee.

Extra Notes for Readers:

- Rule 73 was introduced by the Income Tax (9th Amendment) Rules, 1994, w.e.f. 30th Aug. 1994

Reference/Source: Check at Income Tax site for latest version of the Rules - link

This page was last updated on 17th October 2016.

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