Section - 58E - Annual contributions of employers and interest when deemed to be income received
[58E. Annual contributions of employers and interest when deemed to be income received.—That portion of the annual accretion in any year to the balance at the credit of an employee participating in a recognised provident fund as consists of—(a) contributions made by the employer in excess of ten per cent, of the salary of the employee, and(b) interest credited on the balance to the credit of the employee in so far as it exceeds one-third of the salary of the employee or is allowed at a rate exceeding the rate fixed by the Central Government in this behalf by notification in the Official Gazette,shall be deemed to have been received by him in that year and shall be included in his total income for that year, and shall be liable to income-tax and super-tax.]
Substituted by s. 9, F. (No. 2) Act, 1957, w.e.f. 1-4-1957 for making deduction of income-tax under sub-s. (2) or (2B) of s. 18, and w.e.f. 1-4-1958 for other purposes.
[As amended up to date]
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