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 Customs Tariff 2009-10 - PART-II - Chapter 91 - Clocks and watches and parts thereof
 Customs Tariff 2009-10 - PART-II - Chapter 90 - Optical, photographic, cinematographic, measuring
 Customs Tariff 2009-10 - PART-II - Chapter 89 - Ships, boats and floating structures
 Customs Tariff 2009-10 - PART-II - Chapter 88 - Aircraft, spacecraft, and parts thereof

Income-Tax Rules - Rule No. 69
July, 26th 2010

Conditions for withdrawal for various purposes.

69.    73[(1) The withdrawal 74[in connection with expenses on illness as specified in clause (a) of sub-rule (1) of rule 68 or] in connection with expenses on marriages as specified in clause (c) of sub-rule (1) of rule 68, by an employee whose pay exceeds rupees 75[five thousand] per month, shall not exceed six months pay or the total of the accumulation of exempted contributions and exempted interest lying to the credit of the employee, whichever is less.

(1A) The withdrawal for the purposes specified in clause (aa) and clause (c) of sub-rule (1) of rule 68, by an employee, whose pay does not exceed rupees 75[five thousand] per month, shall be subject to the following conditions, namely :

          (a)  the amount of withdrawal shall not exceed one-half of the employees contributions to the fund with interest thereon;

          (b)  the employee shall have completed seven years of service;

          (c)  the amount of the employees contributions to the fund with interest thereon is not less than rupees one thousand.]

(2) The withdrawal for the purpose specified in clause (d) 76[and clause (dd)] of sub-rule (1) of rule 68 77[, by any employee whose pay exceeds rupees 75[five thousand] per month,] shall be subject to the following conditions:

           (i)  the amount of withdrawal shall not exceed one-half of the amount standing to the employees credit or the actual cost of the house and/or of the site, whichever is less;

      78[(ii)  the employee shall have completed 79[ten] years of service or is due to retire within the next ten years;]

         (iii)  the construction of the house should be commenced within six months of the withdrawal and should be completed within one year from the date of the commencement of the construction;

         (iv)  if the withdrawal is made for the purchase of a house and/or a site for a house, the purchase should be made within six months of the withdrawal;

          (v)  if the withdrawal is made for the repayment of loan previously raised for the purpose of construction or purchase of a house, the repayment of the loan should be made within three months of the withdrawal;

         (vi)  where the withdrawal is for the construction of a house, it shall be permitted in two or more equal instalments (not exceeding four), a later instalment being permitted only after verification by the trustees about the actual utilisation of the earlier withdrawal;

        (vii)  the withdrawal shall be permitted only if the house and/or site is free from encumbrances and no withdrawal shall be permitted for purchasing a share in a joint property or building or house or land whose ownership is divided;

       (viii)  if the amount withdrawn exceeds the actual cost of the purchase or construction of the house and/or site, or if the amount is not utilised for the purpose for which it is withdrawn, the excess or the whole amount, as the case may be, shall be refunded to the trustees forthwith in one lump sum together with interest from the month of such withdrawal at the rate prescribed in sub-rule (4) of rule 71. The amount refunded shall be credited to the employees account in the provident fund.

80[(2A) The withdrawal for the purpose specified in clause (d) of sub-rule (1) of rule 68, by any employee whose pay does not exceed rupees 81[five thousand] per month, shall be subject to the following conditions, namely:

       82[(i)  the amount of withdrawal shall not exceed

      (a)  the employees basic wages and dearness allowance for 83[thirty-six] months; or

      (b)  the actual cost of building the house or of purchasing the house or the site or the house and the site; or

      (c)  the employees contribution to the fund together with the specified percentage of the employers contributions to that fund with interest thereon;

                whichever is less.

                Explanation : For the purposes of sub-clause (c), specified percentage means

      (1)  75 per cent of the employees contribution forming part of the accumulation as on the date of the authorisation of payment, if the period of membership of the employee in the fund is five years or more, but less than ten years;

      (2)  85 per cent of such contribution, if the period of membership of the employee in the fund is 10 years or more, but less than 15 years; and

      (3)  100 per cent of such contribution, if the period of membership of the employee in the fund is 15 years or more ;]

          (ii)  the employee shall have completed five years of service or is due to retire within the next ten years;

         (iii)  the withdrawal shall be permitted only if the house and/or site is free from encumbrances;

         (iv)  no withdrawal shall be permitted for purchasing a share in a joint property or a building or a house or land whose ownership is divided except where a site is owned jointly with the spouse;

          (v)  where the withdrawal is for construction of a house, the payment of the withdrawal may be sanctioned in such number of instalments (not exceeding four) as the trustees of the fund think fit;

         (vi)  where the withdrawal is for the construction of a house, the construction of the house should be commenced within six months of the withdrawal and should be completed within twelve months of the withdrawal of final instalment;

        (vii)  if the withdrawal is made for the purchase of a house and/or a site for a house, the purchase should be made within six months of the withdrawal;

       (viii)  if the amount withdrawn exceeds the actual cost of the purchase or construction of the house and/or site or if the amount is not utilised for the purpose for which it is withdrawn, the excess or the whole amount, as the case may be, shall be refunded to the trustees forthwith in one lump sum together with interest from the month of such withdrawal at the rate prescribed in sub-rule (4) of rule 71 and the amount so refunded shall be credited to the employees account in the fund.]

84[(2B) A withdrawal for additions, substantial alterations or improvements necessary to the house owned by the employee or jointly owned by the employee and the spouse may be granted once and in one instalment only to an employee whose pay does not exceed rupees 85[five thousand] per month, up to 86[twelve] months basic wages and dearness allowance or the employees own share of contribution with interest thereon or the amount standing to his credit in the fund, whichever is less :

Provided that the said withdrawal shall be admissible only after a period of five years from the date of purchase or completion of the house :

Provided further that where the amount withdrawn is not utilised in whole or in part for the purpose for which it was withdrawn, the excess or the whole amount, as the case may be, shall be refunded to the trustees forthwith in one lump sum together with interest from the month of such withdrawal at the rate prescribed in sub-rule (4) of rule 71 and the amount so refunded shall be credited to the employees account in the fund.

Explanation : For the purposes of sub-rules (2A) and (2B), pay includes basic wages with dearness allowance, retaining allowance (if any), and cash value of food concession admissible thereon, to which the employee is entitled at the time when the withdrawal is granted or, in the case of an employee referred to in sub-rule (2) of rule 5 of Part A of the Fourth Schedule, the pay (including increments, if any) which he would have received had he not entered the armed forces of the Union or being taken into or employed in the national service.]

(3) The withdrawal for the purpose specified in clause (f) of sub-rule (1) of rule 68 shall not exceed three months pay87 or Rs. 500, whichever is greater, but shall in no case exceed half the amount to the credit of the employee.

(4) The withdrawal for any other purpose referred to in sub-rule (1) of rule 68 88[except as provided in sub-rule (1A)] shall not exceed three months pay87 or the total of the accumulation of exempted contributions and exempted interest lying to the credit of the employee, whichever is less.

(5) For the purpose of this rule 89[except sub-rules (2A) and (2B)], pay means the pay to which the employee is entitled at the time when the withdrawal is granted or, in the case of an employee referred to in sub-rule (2) of rule 5 of Part A of the Fourth Schedule, the pay (including increments, if any) which he would have received had he not entered the armed forces of the Union or been taken into or employed in the national service.

 
 
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