Rule 90: Commutation of annuity

The Income-tax Rules, 1962Central Act · 1962

Commutation of annuity.

Any payment in commutation of annuity shall not exceed—

(a) in a case where the employee receives any gratuity, the commuted value of one-third of the annuity which he is normally entitled to receive, and

(b) in any other case, the commuted value of one-half of such annuity,

such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality.

Where this provision sits

Act	The Income-tax Rules, 1962
Rule	90
Marginal note	Commutation of annuity
Jurisdiction	Central
Status	In force as published by the source

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