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SAF contributions are subject to exemption u/s 10(13) on the satisfaction of certain conditions such as receipt of such sums at the time of retirement, death etc. Even otherwise than in the circumstances specified u/s 10(13) the assesses can claim exemption for such contributions for the period upto 01.04.1995 on the basis of a prospective amendment in section 17(3) made w.e.f. 01.04.1996. In the pre-amended section profit in lieu of salary included only contributions due to or received by an assessee from an unapproved SAF.

The Calcutta High Court in the case of CIT v. R K Mukherjee (120TAX198) held that the conditions of section 10(13) are fulfilled for exemption of the amount from taxation, no more required, when the amount is not a salary by the exclusion clause in section 17(3) until 31.03.1995.

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