No Income tax on income received on behalf of funds established for annual medical check ups

0 comments Monday, June 20, 2011
CBDT has issued a notification giving relief to the salaried class person by exempting the funds withdrawn from the welfare funds established for the purpose of  meeting the cost of annual medical tests or medical checkups of the member, his spouse and dependent children.

Section 23AAA of Income Tax Act exempts income received by any person on behalf of fund esteblished for such purposes notified by the Board in the Official Gazette for the welfare of employees or their dependents subject to fulfillment of certain conditions. The following purposes were notified by CBDT vide notification No.[S.O.672(E) (F. No. 142/16/95-TPL)], DATED 27-7-1995:
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