Nature of Income
Conditions laid down for Tax Exemption
Income is received on behalf of fund established for notified purpose by Board for welfare of employees or their dependents.
The fund applies or accumulates its income exclusively for the purpose for which it is established.
The fund shall invest its income, contribution or other sum as specified u/s 11(5) of the Act.
The fund is approved as per rule 16C by commissioner who may approve such fund for any period not exceeding three years.