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Benevolent Fund
Hi Friends,
Are proceeds from benevolent fund fully taxable, partly taxable or exempt from tax? These proceeds include 1/2 contribution by employees and balance by the employer.
Replies (2)
Dear Amogh,
No separate treatment for Benevolent funds.
It will be treated as Superannuation Fund & amount in excess of Rs. 1 lakh will be taxable in the year of contribution as perks.
Thanks Amir for the advice
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