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

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 sub–rule (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.