Amendment of section 36
Amendment of section 36
9. In section 36 of the Income-tax Act, in sub-section (1), after clause (v), the following clause shall he inserted with effect from the 1st day of April, 1988, namely:—
'(va) any sum; received by the; assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employee's account in the relevant fund or funds on or before the due date.
Explanation.—For the purposes of this clause, "due date'' means the date by which the assessee is required, as an employer to credit an employee's contribution to the employee's account in the relevant, fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise."
[Finance Act, 1987]