Report No. 12

7. Income deemed to be received.-

The following incomes shall be deemed to be received in the previous year-

(i) the annual accretion in the previous year to the balance at the credit of an employee participating in a recognised provident fund to the extent provided in section 294 [58E1;

(ii) the transferred balance in a recognised provident fund, to the extent provided in section 299(3) [58J(3)].