As per notification No. 33/2011 dated 03.06.2011, Income Tax Department has been amended regarding Income received by any person on behalf of a fund established for the purpose of providing cash benefit to its employee-members to meet the cost of annual Medical Tests or medical checkups to qualify for benefit of exemption under section 10 (23AAA).
Section 10(23AAA) provides that any income received by any person on behalf of a fund established for notified purposes for the welfare of employees or their dependents, and of which fund such employees are members, would be exempt subject of fulfillment of certain conditions. Accordingly, in exercise of the powers conferred by section 10(23AAA), the CBDT had vide Notification No. S.O.672(E) dated 27th July, 1995, notified the following purposes-
1. Cash benefits to a member of the fund-
a) On superannuation, or
b) in the event of his illness or illness of his spouse or dependent children, or
c) to meet the cost of eduction of his dependent children or
2. Cash benefits to the dependents of a member of the fund in the event of the death of such member.
The CBDT has, through his notification, amended the Notification No. S.O. 672(E) dated 27th July, 1995 to include cash benefits to a member of the fund to meet the cost of annual medical tests or medical checkups of a member, his spouse and dependent children as one of the purposes of the fund.
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