Section 7 of Income Tax Act 1961-INCOME DEEMED TO BE RECEIVED

Section 7 of Income Tax Act 1961-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.