Section 7 - Income deemed to be received - Income-tax Act, 1961

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 ; 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. Inserted vide Section 4 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2004 2. Inserted vide Section 4 of the Finance Act, 2007 w.e.f. 01-04-2004