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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Provident Fund Exemption u/s 5(1)(xvii) Withdrawn; Pending Assessments to Exclude It, Past Grants Unchanged.</h1> Exemption under section 5(1)(xvii) of the Wealth Tax Act, 1957, is not applicable to the provident fund amounts retained by the government post-retirement. The previous circular from 1958 granting such exemption is withdrawn. Pending wealth-tax assessments should be completed without considering this exemption. However, cases where the exemption was already granted should not be reopened or rectified under sections 17 or 35 of the Wealth Tax Act, 1957.
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