I-T - Exemption - Income from Funds for Employee Welfare - Annual Medical Check-up Included
As per Section 10(23AAA) of the Income-Tax Act, the income received by any person on behalf of a Fund established for the welfare of employees or their dependents, is exempted for the purposes notified by the Board.
CBDT vide [S.O.672(E) (F. No. 142/16/95-TPL)], DATED 27-7-1995 had notified the following purposes.
(1) cash benefits to a member of the fund,--
(a) on superannuation, or
(b) in the event of his illness or illness of his spouse or dependent children, or
(c) to meet the cost of education of his dependent children ; or
(2) cash benefits to the dependants of a member of the fund in the event of the death of such member.
Now, a new clause (d) is added to para 1 above to include, “ to meet the cost of annual medical tests or medical check-ups of the member, his spouse and dependent children ”
CBDT Notification No. 33/2011, Dated: June 3, 2011