Section related
This query is : Resolved
13 November 2013
Section 7 deals with "Income deemed to be received"
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Cases covered u/s 7 are related with annual accretion, transferred balance, and contribution to pension funds by the employer as referred in Section U/s 80CCD.
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Though the income is not received by the assessee-employee, yet it is credited to his account and the amount so credited is deemed as if received (for taxation purpose).
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Cases covered u/s 7 are related with annual accretion, transferred balance, and contribution to pension funds by the employer as referred in Section U/s 80CCD.
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Though the income is not received by the assessee-employee, yet it is credited to his account and the amount so credited is deemed as if received (for taxation purpose).
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14 November 2013
when that amount in hands of employee for tax pupose to deduct that u/s 80CCD?
14 November 2013
The query is not clear. Still try to find the answer from the following information.
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U/s 80CCD an employee gets benefit if he contributes upto 10 % of his Salary (Basic +DA in terms of employment) to the notified pension scheme.
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His employer can also contribute 10%. Any excess contribution made by the employer is taxable by virtue of Section 7.
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U/s 80CCD an employee gets benefit if he contributes upto 10 % of his Salary (Basic +DA in terms of employment) to the notified pension scheme.
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His employer can also contribute 10%. Any excess contribution made by the employer is taxable by virtue of Section 7.
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