Income tax exemption to recognised provident fund

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Krishna Prasad (Querist)
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23 October 2012 I HAVE A QUERY REGARDING APPLICABILITY OF SECTION-11&12 OF THE INCOME TAX ACT TO RECOGNISED PROVIDENT FUND. WHAT ARE THE RULES REGARDING EXEMPTION TO RECOGNISED PROVIDENT FUNDS FROM INCOME TAX.

PLEASE HELP ME IN THIS REGARD.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 November 2013 Dear Krishna,

I am answering this just because I realize most of the queries in relation to recognised provident funds have gone unanswered.

1. No - Section 11 and 12 don't apply to recognised provident funds

2. the income of such funds is totally exempted from tax under section 10(25)

4. The rules are covered in Part A of the Fourth Schedule and Income tax rules 67 to Rule 84. Rule 77 and 78 deals with application and order of registration.