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Income Deemed To Be Received In India - under Income Tax Act. 1956.


Such incomes which are not actually received by a person, but law considers them as receipt or incomes, are called incomes deemed to be received in India. The term ‘Statutory receipts’ can be easily used to cover this term. Following are the instances of incomes deemed to be received

(i)         Tax deducted at source is income deemed to be received by a person even though he never receives such income (u/s 198).

(ii)        Section 7 considers the following incomes as deemed to be received by an assessee

            (a)        Employer’s contribution to Recognised provident fund in excess of 12% of salary of employee [Section 7(i)1.

            (b)        Interest accrued on recognised provident fund balance in excess of 9.5% p.a. [Section 7(i)].

            (c)        Taxable portion of transferred balance of URPF to RPF [Section 7(u)].

            (d)        The contribution made, by the Central Government in the previous year, to the account of an employee under a pension scheme referred to in section 80CCD [Section 7(iii)].

(iii)       Transfer of income without transfer of assets is deemed to be the income of transferor u/s 60 and 61.

(iv)       Under section 8, the dividend distributed or deemed to be distributed u/s 2(22) will be deemed to be distributed in the previous year.

(v)        Income from undisclosed sources [Sections 68, 69, 69A, 69B, 69C and 69D].
More Topics.. @ Tax Concept
Types of Income under Income Tax Act. 1956.
Income Deemed To Be Received In India under I.Tax Act.
Income Which ‘Accrues’ Or ‘Arises’ In India under I.Tax Act.
[Section 9(1)(i)] - Income Arising From Business Connection In India
Income from any property held in India and assets or sources of income located in India
Income from transfer of capital assets situated in India
[Section 9(1)(ii)] - Salaries earned in India
[Section 9(1 )(iii)] - Salaries For Government Service Outside India
[Section 9(1)(iv)] - Dividend paid abroad by Indian Company
[Section 9(1 )(v)] - Income By Way Of Interest
[Section 9(1)(vi)] - Income By Way Of Royalty
[Section 9(1 )(vii)] - Income By Way Of Fees For Technical Services
Agricultural Income [Section 2(1A)] - Definition under I.Tax
Assessment Year [Section 2(9)] - Definations under I.Tax.
Constitutional Provision Governing Taxation in India
Gross Total Income [Section-80B (5) ] - Definations under I.Tax.
Heads of Income [Section-14 ] - Definations under I.Tax.
Income is Taxed in the same Year in which it is earned
Income [Section 2(24)] - Definations under I.Tax.
Person [Section 2(31)] - Definations under I.Tax.
Previous Year [Section 2(34) r.w. Section 3] - Definations under I.Tax.
Sources Of Law Relating To Income Tax
Taxes to be imposed only by Authority of Law
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