Section 63 : Approval of retirement fund

1) If a resident person who desires to hold a retirement fund makes an application to the Department for having the retirement fund, the Department shall give approval as prescribed.

Provided that such funds as the Citizens Investment Trust formed under the Citizen Investment Fund Act, 2047 or the Social Security Fund formed under the Contribution-Based Social Security Fund Act, 2074, if it wishes to maintain a retirement fund, the Employee Provident Fund Act, 2019 or the Retirement Fund formed under the Retirement Fund Act, 2075 operates a retirement fund, it shall not be required to obtain approval for such fund.

2) A natural person who is a beneficiary of the retirement fund may make a claim to have the retirement contribution made to the fund in any income year deducted while computing his income.

3) Notwithstanding anything contained in sub-section (2), the amount claimed by any person for deduction in any income year pursuant to that sub-section shall not exceed the prescribed limit of retirement contribution.