Assignment of provident fund interest triggers notice and two-month cancellation window; consideration is treated as income when discovered. If an employee assigns or creates a charge on their beneficial interest in a recognised provident fund, the Assessing Officer must notify the employee and ... Summary
Assignment of provident fund interest triggers notice and two-month cancellation window; consideration is treated as income when discovered.
If an employee assigns or creates a charge on their beneficial interest in a recognised provident fund, the Assessing Officer must notify the employee and give a two-month period to cancel; if not cancelled, the consideration received is deemed to be income of the employee in the tax year when the Assessing Officer became aware and shall be assessed accordingly.
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