Exemption for DSOP (Defence service officers provident Fund)
This query is : Resolved
CA Vanesh Nadar
(Querist)
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
