Section 7:
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.
Notes:
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).