Section 7 of ITA, 1961 : Section 7: Income Deemed To Be Received
ITA, 1961
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Explanation using Example
Imagine that Rita is an employee at a software company, and she is a member of the company's recognized provident fund. During the financial year 2022-2023, the balance in her provident fund account increased by ₹50,000 due to the interest credited by the fund. According to Section 7(1) of the Income-tax Act, 1961, this annual accretion (interest) of ₹50,000 will be deemed to be income received by Rita in the financial year 2022-2023 and may be taxable as per the rules specified.
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