Assignment of beneficial interest in gratuity fund may be treated as taxable income if not rescinded after notice. Where an employee assigns or creates a charge on his beneficial interest in a gratuity fund, the Assessing Officer must issue a notice requiring ... Summary
Assignment of beneficial interest in gratuity fund may be treated as taxable income if not rescinded after notice.
Where an employee assigns or creates a charge on his beneficial interest in a gratuity fund, the Assessing Officer must issue a notice requiring cancellation; if the employee does not secure cancellation within the prescribed two month period after notice, the consideration for the assignment or charge is deemed to be the employee's income in the tax year when the Assessing Officer became aware and shall be assessed accordingly.
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