Section 7 of The Income Tax Act | Income Deemed to be Received


Court is the temple of justice and judges are the god of "temple of justice". Advgyan is just an educational website.

Here we will see Section 7 of The Income Tax Act.

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 subrule (4) ofrule 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 insection 80CCD.