Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Recognised provident fund assignments trigger income treatment if the charge is not cancelled after notice within the prescribed period. An employee who assigns or creates a charge on the beneficial interest in a recognised provident fund must, on notice from the Assessing Officer, secure cancellation of the assignment or charge within two months. If the charge is not cancelled within that period, the consideration received is deemed to be income of the employee in the year the Assessing Officer became aware of the transaction and is assessed accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Recognised provident fund assignments trigger income treatment if the charge is not cancelled after notice within the prescribed period.
An employee who assigns or creates a charge on the beneficial interest in a recognised provident fund must, on notice from the Assessing Officer, secure cancellation of the assignment or charge within two months. If the charge is not cancelled within that period, the consideration received is deemed to be income of the employee in the year the Assessing Officer became aware of the transaction and is assessed accordingly.
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