What are the incomes that deemed to be received?
What are the incomes that deemed to be received?
Jeeba Jun. 26, 2018
Section 7 of the Income Tax Act states the certain incomes that are deemed received. Following incomes are treated as incomes deemed to be received in India:
Employer's contribution to the recognised provident fund in excess of 12% of the salary of the employee.
Interest on recognised provident fund account of an employee in excess of 9.5% per annum.
Transferred balance in case of reorganisation of unrecognised provident fund.
Contribution by the Central Government or other employer to the account of the employee in case of notified pension scheme refered to in section 80CCD.
