Exemption for DSOP (Defence service officers provident Fund)
This query is : Resolved
20 May 2010
Interest on DSOP Fund exempt under whcih section
21 July 2024
Interest on the Defence Services Officers Provident Fund (DSOP Fund) is exempt from income tax under **Section 10(12)** of the Income Tax Act, 1961. This section specifically provides for the exemption of interest received on the DSOP Fund.
Here are the key details regarding the exemption under Section 10(12):
- **Section 10(12)**: This section exempts any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies, or from any other provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette.
- **DSOP Fund**: The Defence Services Officers Provident Fund is specifically notified for exemption under Section 10(12) of the Income Tax Act.
- **Exemption Scope**: Interest earned on contributions made to the DSOP Fund by Defence Services officers is exempt from income tax. This means that the interest income does not need to be included in the officer's total income for tax calculation purposes.
- **Conditions**: The exemption applies as long as the DSOP Fund is set up and maintained in accordance with the rules prescribed under the Provident Funds Act, 1925, or any other rules notified by the Central Government.
To benefit from this exemption, Defence Services officers should ensure that the DSOP Fund they contribute to is recognized and operated in compliance with the provisions outlined under Section 10(12) of the Income Tax Act.
Here are the key details regarding the exemption under Section 10(12):
- **Section 10(12)**: This section exempts any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies, or from any other provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette.
- **DSOP Fund**: The Defence Services Officers Provident Fund is specifically notified for exemption under Section 10(12) of the Income Tax Act.
- **Exemption Scope**: Interest earned on contributions made to the DSOP Fund by Defence Services officers is exempt from income tax. This means that the interest income does not need to be included in the officer's total income for tax calculation purposes.
- **Conditions**: The exemption applies as long as the DSOP Fund is set up and maintained in accordance with the rules prescribed under the Provident Funds Act, 1925, or any other rules notified by the Central Government.
To benefit from this exemption, Defence Services officers should ensure that the DSOP Fund they contribute to is recognized and operated in compliance with the provisions outlined under Section 10(12) of the Income Tax Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
