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Income Tax Exemption under Section 10(12) of Income Tax Act, 1961


Eligible Assessee

An Individual employee participating in recognized provident fund


Nature of Income

Accumulated balance due and payable under recognized provident fund




Amount Exempt

Amount as provided in Rule 8 of part A of fourth Schedule


Conditions laid down for Tax Exemption

  1. The employee has rendered services for continuous period of five years, except in cases where his services are terminated due to ill health, discontinuation of employer's business or other cause beyond his control

  2. Where he takes other employment, the amount should be transferred to recognized P F account maintained by other employer (in such cases period of his earlier employment would be counted for continuous period of five years)

  3. The part A of fourth schedule does not apply to Provident Funds Act, 1925

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