AUBSP»Income Tax»Taxpayers»Section 7 of Income-tax Act 1961-2017 – Income deemed to be received

Section 7 of Income-tax Act 1961-2017 – Income deemed to be received

Detail analysis of the provisions of Section 7 (Income deemed to be received) of Income-tax Act 1961 as amended by latest Finance Act 2017.

Chapter II (Sections 4-9A) of Income Tax Act, 1961 deals with provisions related to Basis of Charge. Section 7 of Income Tax Act 1961-2017 provides for Income deemed to be received.

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.

If you don't want to miss our daily Notes and Updates then you may Subscribe to AUBSP via Email | Facebook | Twitter | and Google Plus

Leave a Reply

avatar
  Subscribe  
Notify of
Top