THE INCOME-TAX ACT, 1961

CHAPTER II

BASIS OF CHARGE

Income deemed to be received.

7. 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.