7 Income Tax Act - 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;

1 (iii) the contribution made, by the Central Government 2 or any other employer in the previous year, to the account of an employee under a pension scheme referred to in section 80CCD.
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1. Subs. by Act 22 of 2007, s. 4 (w.e.f. 1-4-2004).

2. Subs. by Act 10 of 1965, s. 5, for "For the purposes of inclusion in the total income of an assessee, any dividend" (w.e.f. 1-4-1965).