Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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An Approved Superannuation Fund refers to the Superannuation Fund created in tune with provisions of Part B of the Fourth Schedule under Income Tax Act 1961 and recognized by the Commissioner of Income Tax.
Defined Benefits Scheme also called Benefits Purchase scheme necessitates continuous infusion of funds in an inflationary economy.
An Insured Scheme relives both employer and trustees from the various administrative jobs relating to management of funds including complying with guidelines of CBDT on investment of funds.
An approved Superannuation Funds shall go back to IT authorities for any modification either in rules of the scheme or changes in conditions.
Normal Pension refers to the type of option adopted by the employer which will be offered to member by default.
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