INCOME DEEMED TO BE RECEIVED IN INDIA

INCOME DEEMED TO BE RECEIVED IN INDIA

THERE ARE CERTAIN INCOME WHETHER YOU ACTUALLY RECEIVED OR NOT, THE GOVERNMENT WILL ASSUME THAT YOU HAVE EARNED AND RECEIVED THAT INCOME.

THE FOLLOWING ARE THE INCOME WHICH THE GOVERNMENT WILL ASSUME THAT YOU HAVE RECEIVED THAT INCOME

1. THE ANNUAL INCREASE IN INTEREST TO THE BALANCE OF AN EMPLOYEE IN RECOGNISED PROVIDENT FUND (PF) IN EXCESS OF 9.5% p.a
2. CONTRIBUTION OF THE EMPLOYER TO RECOGNISED PF IN EXCESS OF 12% OF THE SALARY OF EMPLOYEE
3. TRANSFER BALANCE IN THE RECOGNISED PROVIDENT FUND FROM UNRECOGNISED PROVIDENT FUND.
4. THE CONTRIBUTION MADE BY THE CENTRAL GOVERNMENT OR ANY OTHER EMPLOYER IN THE PREVIOUS YEAR, TO THE ACCOUNT OF AN EMPLOYEE UNDER A PENSION SCHEME TO IN PENSION SCHEME OF CENTRAL GOVERNMENT (80CCD)

 TIP FOR TAX IMPLICATION

THE ASSESSEE OR EMPLOYEE SHOULD KEEP REGULARLY CHECK THE INTEREST RATE TO HAVE CHECK THE IMPLICATION OF TAX AS EXPLAINED AND ALSO REFER SECTION 7 OF INCOME TAX ACT, 1961

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