Income deemed to be received.

Income deemed to be received.

Section – 7, Income-tax Act, 1961-2020

7. The following incomes shall be deemed to be received in the previous year :—

(i) the annual accretion in the previous year to the balance at the credit of an employee participating in a recognised provident fund, to the extent provided in rule 6 of Part A of the Fourth Schedule ;

(ii) the transferred balance in a recognised provident fund, to the extent provided in sub-rule (4) of rule 11 of Part A of the Fourth Schedule ;

(iii)the contribution made, by the Central Government or any other employer in the previous year, to the account of an employee under a pension scheme referred to in section 80CCD.


Subscribe | Newsletter

Subscribe to our newsletter and stay latest updated on GST, Income Tax and new post.

[jetpack_subscription_form subscribe_placeholder=”Enter your email address” show_subscribers_total=”true” button_on_newline=”true” submit_button_text=”SUBSCRIBE” custom_background_emailfield_color=”undefined” custom_background_button_color=”undefined” custom_text_button_color=”undefined” custom_font_size=”16″ custom_border_radius=”0″ custom_border_weight=”1″ custom_border_color=”undefined” custom_padding=”15″ custom_spacing=”10″ submit_button_classes=”” email_field_classes=”” show_only_email_and_button=”true” ]
Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *