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Report No. 12

122. Tax on accumulated balance of recognised provident fund.-

Where the accumulated balance due to an employee participating in a recognised provident fund is included in his total income, owing to the provisions of section 296 [section 58G(2)] not being applicable, the Income-tax Officer shall calculate the total of the various sums of income-tax and super-tax in accordance with the provisions of section 297(1) [section 58G(3)].

(2) Where the accumulated balance due to an employee participating in a recognised provident fund which is not included in his total income under the provisions of section 296 [section 58G(2)], becomes payable, super-tax shall be calculated in the manner provided by section 297(2) [58G(1) latter half].



Income-Tax Act, 1922 Back




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