Amount withdrawn but not repaid may be deemed as income

Amount withdrawn but not repaid may be deemed as income https://www.taxtmi.com/acts?id=3896 Default in repayment of instalments, or failure to use a withdrawn amount for the stated purpose, may result in the withdrawn amount or outstanding balance being added to the employee's total income for the relevant year. The Chief Commissioner or Commissioner may direct this addition, and the Assessing Officer must assess the employee accordingly. The rule functions as a deeming provision for amounts withdrawn from recognised provident funds that are not repaid or properly utilised. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 21 May 2026 11:51:32 +0530 TaxTMI RSS Generator Amount withdrawn but not repaid may be deemed as income https://www.taxtmi.com/acts?id=3896 Default in repayment of instalments, or failure to use a withdrawn amount for the stated purpose, may result in the withdrawn amount or outstanding balance being added to the employee's total income for the relevant year. The Chief Commissioner or Commissioner may direct this addition, and the Assessing Officer must assess the employee accordingly. The rule functions as a deeming provision for amounts withdrawn from recognised provident funds that are not repaid or properly utilised. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3896