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PART VIII
APPROVAL OF GRATUITY FUNDS
92. Application for approval of a gratuity fund.- (1) The
application required to be made under sub-rule (1) of rule 3 of Part III of the Sixth
Schedule to the Ordinance for approval of a gratuity fund shall contain the following
information, namely:-
(a) Name and address of employer, his business or profession and principal place of
business;
(b) Classes and number of employees entitled to the benefits of the fund:-
(i) in Pakistan;
(ii) Outside Pakistan.
(c) The age of retirement prescribed in the regulations;
(d) The minimum period of service prescribed in the regulation as a condition of
eligibility to receive the gratuity in case of termination of employment;
(e) Place, where the accounts of the fund are or will be maintained;
(f) If the fund is already in existence, the details of investment of the fund.
(2) A verification in the following form shall be annexed to the application, namely:-
"We/I, the trustees of the above named fund, do declare that what is stated in the
application is true to the best of our/my information and belief and that the documents
sent herewith are the original or true copies thereof."
93. Returns, statements, etc., that may be required to be furnished.-
The trustees of an approved gratuity fund and an employer who contributes to an approved
gratuity fund may be required by notice from the
Deputy
Commissioner of Income Tax under rule 7 of Part III of the Sixth
Schedule to the Ordinance to:-
(a) furnish a return containing such particulars of contributions as the notice may
require;
(b) prepare and deliver a return containing:-
(i) the name and place of residence of every person in receipt of a gratuity from the
fund; and
(ii) the amount of the gratuity paid to each employee; and
(c) furnish a copy of the accounts of the fund to the last date prior to such notice in
which such *accounts have been made up together with such other information and
particulars as may be reasonably required with the permission of the Commissioner
.[* The apparently intended word is "approval".]
94. Limits on contribution by the employer.- (1) The ordinary
annual contribution by the employer to an approval gratuity fund in respect of any
particular employee shall be made on a reasonable definite basis, as may be approved by
the Commissioner, with regard to the length of service of the employee so however that
such contribution shall not exceed salary of the employee for the last month of each
financial year.
(2) Subject to any condition which the Commissioner may think fit to specify under this
rule, the amount to be allowed as a deduction on account of initial contribution which an
employer may make in respect of the past services of an ernployee admitted to the benefits
or a fund shall not exceed salary of the employee for the last month of each financial
year during the course of his past services with the employer.
(3) Notwithstanding the
provisions of sub-rules (1) and (2), an employer may, with the prior approval of the
Commissioner, make a special contribution to an approved gratuity fund to meet the deficit
in the fund, if any.
95. Investment or deposits of moneys of a gratuity fund.- All
moneys contributed to an approved gratuity fund and interest on the accumulated balances
of such contributions shall be deposited or invested in accordance with the provisions of
rule 79.
96. Treatment of consideration in lieu of assignment, etc., of
beneficial interest.- If an employee assigns or creates a charge upon his beneficial
interest in an approved gratuity fund, the Deputy
Commissioner of Income Tax shall, on the fact of the assignment
or charge coming to his knowledge, give notice the employee that if he does not secure the
cancellation of the receipt of the notice, the consideration received for such assignment
or charge shall be deemed to be income received by him in the year in which the fact
became known to the Deputy Commissioner of Income
Tax and shall be assessed accordingly.
97. Circumstances in which approval may be withdrawn.-The
Commissioner may withdraw approval awarded under Part III of the Sixth Schedule to the
Ordinance in the case of a fund which ceases to satisfy the requirements of the said part
or fails to fulfil the requirements of rule 93 or 95.
98. Form of appeal in case of refusal to approve or withdrawal of
approval.- An appeal under sub-rule (1) of rule 9 of Part III of the Sixth Schedule to
the Ordinance shall be in the following form and shall be verified in the manner indicated
therein and accompanied by a copy of a challan for Rs. 100 paid in Government treasury,
namely:-
FORM OF APPEAL IN CASE OF NON-APPROVAL OR WITHDRAWAL OF APPROVAL
To
The Central Board of Revenue,
Islamabad.
The petition of. ............employer(s) carrying tin business, profession or vocation
....... at .............Your petitioner(s) applied to/obtained sanction from the
Commissioner under Part III of the Sixth Schedule to the Income Tax Ordinance, 1979, for
the approval of the gratuity fund maintained by him (them) for the benefit of his (their)
employees. The Commissioner has refused approval/withdrawn the approval for the reasons
stated in his order, dated ......... of which a copy is attached.
For the reasons set out below your petitioner (s) submit(s) that the fund should/be
continued to be recognised and pray(s) that the Central Board of Revenue may be pleased
to.
accord approval.
continue the approval.
GROUNDS OF APPEAL
We/I …………the petitioner(s) named in the above petition do tieclare
that what is stated therein is true to the best of our/my information and belief.
| Dated.....……...19 |
Signature
Name
Address |
N.B.-Unnecessary words or letters should be scored out.
Sub-rule (3) inserted by Notification No. SRO 570(I)/83, dated June 11, 1983 w.e.f.
July 1, 1983.
RETURN
