Exemptions on Income Received By Any Person on Behalf of Fund Established For Welfare of Employees or Their Dependents Notification Issued On 3-6-2011

In exercise of the powers conferred by clause ( 23AAA) of section 10 of the Income-tax Act, 1961 ( 43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of Government of India, Ministry of Finance, number S.O. 672(E) dated the 27th July, 1995, namely :—

In the said notification, in paragraph (1), after clause ( c), the following clause shall be inserted, namely:—

 ( d )  to meet the cost of annual medical tests or medical checkups of the member, his spouse and dependent children


Reference: Section 10(23AAA) of the income Tax Act, 1961

any income received by any person on behalf of a fund established, for such purposes as may be notified by the Board in the Official Gazette, for the welfare of employees or their dependants and of which fund such employees are members if such fund fulfils the following conditions, namely :—

 (a) the fund—

  (i) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established; and

 (ii) invests its funds and contributions and other sums received by it in the forms or modes specified in sub-section (5) of section 11;

 (b) the fund is approved by the Commissioner in accordance with the rules made in this behalf:

Provided that any such approval shall at any one time have effect for such assessment year or years not exceeding three assessment years as may be specified in the order of approval;

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