Employee Contributions to Welfare Funds Not Taxable as Business Income - (New) Section 92(2)(c) / (Old) Section 56(2)(ic)

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....employees as contributions to any provident fund, superannuation fund, any fund set up under the Employees' State Insurance Act, 1948, or any other fund for the welfare of such employees, if the income is not chargeable to income-tax under the head "Profits and gains of business or profession" Deduction allowed [ Section 93(1)(b) ] For income involving employee contributions to welfare ....

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....or the tax year. Under Section 56(2)(ic) of the Income Tax Act, 1961 [ Upto 31.03.2026 ] Provision - income referred to in sub-clause (x) of clause (24) of section 2, if such income is not chargeable to income-tax under the head "Profits and gains of business or profession". Under Section 2(24)(x), any sum received by an employer from employees as contributions towards: â€....