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85. Application for approval of a superannuation fund.- (1) The application required to be made under sub-rule (1) of rule 3 of Part II of the Sixth Schedule to the Ordinance for approval of a superannuation 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) Place, where the accounts of the fund are or will be maintained;
(e) 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 originals or true copies thereof".

86. Returns, statements, etc., that may be required to be furnished.- The trustees of an approved superannuation fund and any employer who contributes to an approved superannuation fund may be required by notice from the Deputy Commissioner of Income Tax under rule 8 of Part II 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 an annuity from the fund;
(ii) the amount of the annuity payable to each annuitant;
(iii) particulars of every contribution (including interest on contributions), if any returned to the employer or to employees; and
(iv) particulars of sums paid in commutation or in lieu of annuities; and

(c) furnish a copy of the accounts of the fund to the last date prior to such notice in which such amounts have been made up together with such other information and particulars as may be reasonably required with the permission of the Central Board of Revenue.

87. Limits on contribution by the employer.- (1) The ordinary annual contribution by the employer to an approved superannuation fired 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 earnings, the contributions or the number of the members of the said fund so however that such contributions shall not, exceed twenty per cent of the employee's salary for each 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 employee admitted to the benefits of a fund shall not exceed twenty per cent of the employee’s salary for each year 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 superannuation fund to meet the deficit in the fund, if any.]

88. Investment and deposit of moneys of a superannuation fund.- All moneys contributed to an approved superannuation fund and interest on the accumulated balance of such contributions, if any, shall be utilized for making payments under a scheme of insurance or a contract of annuity with the State Life Insurance Corporation of Pakistan , an insurance company carrying on life insurance business and registered under section 3 of the Insurance Act, 1938 (IV of 1938), or the Pakistan Post Office Insurance Department having for its main object the provision of annuities for the beneficiaries or deposited or invested in accordance with the provisions of rule 79.

89. 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 superannuation fund, the Deputy Commissioner of Income Tax shall, on the fact of the assignment or charge coming to his knowledge, give notice to the employee that if he does not secure the cancellation of the assignment or charge within two months of the date or receipt of the notice, the consideration received for such assignment or charge shall be deemeel 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.

90. Circumstances in which approval may be withdrawn.- The Commissioner may withdraw approval accorded under Part II 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 86 or 88.

91. Form of appeal in case of refusal to approve or withdrawal of approval.- An appeal under sub-rule (1) of rule l0 of Part II 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:-

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