Tax on accumulated balance of recognised provident fund
Tax on accumulated balance of recognised provident fund
111. (1) Where the accumulated balance due to an employee participating in a recognised provident fund is included in his total income, owing to the provisions of Rule 8 of Part A of the Fourth Schedule not being applicable, the Income-tax Officer shall calculate the total of the various sums of 2[tax] in accordance with the provisions of sub-rule (1) of Rule 9 thereof.
(2) Where the accumulated balance due to an employee participating in a recognised provident fund which is not included in his total income under the provisions of Rule 8 of Part A of the Fourth Schedule becomes payable, super-tax shall be calculated in the manner provided in sub-rule (2) of Rule 9 thereof.
2. Subs by s. 33 of the Finance Act, 1965 (Act No. 10 of 1966) w.e.f. 1-4-1965.
[As amended by Finance Act, 1969]