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Income-tax Act Provisions Application Quiz

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Income-tax Act Provisions Application Quiz

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Questions and Answers

How are the Second and Third Schedules to the Income-tax Act, 1961 applied in the context of this text?

With necessary modifications to apply to arrears of amount under section 8 of this Act (correct)

Not applicable in this context

Only applied to income-tax cases

Directly with no modifications

How is the term 'assessee' interpreted in relation to this Act?

It refers only to corporations

It is construed as an employer as defined in this Act (correct)

It specifies a tax consultant

It refers to any individual taxpayer

What is the status of the Fund under the Indian Income-tax Act, 1922?

Deemed as a recognized provident fund under Chapter IXA of that Act (correct)

Not recognized

Considered as a pension fund

Exempt from tax implications

How does the Scheme under which the Fund is established interact with Chapter IXA of the Indian Income-tax Act, 1922?

The Scheme takes precedence over Chapter IXA provisions if they conflict Signup and view all the answers

What does the provision in Section 8 of the Act refer to?

Arrears of amounts specified in the text Signup and view all the answers

How are the Income-tax (Certificate Proceedings) Rules, 1962 utilized in this context?

Applied with necessary adjustments to relate to arrears under section 8 of this Act Signup and view all the answers

Can the amount in the Fund be assigned or charged?

No, it cannot be assigned or charged Signup and view all the answers

In case of a member's death, who does the amount in the Fund vest in according to the text?

It vests in the nominee of the deceased member Signup and view all the answers

What happens to the amount in the Fund in case of insolvency or winding up of an employer?

The amount is used to pay off any debts of the employer Signup and view all the answers

Which Act made changes to the rules regarding attachment of amounts in provident funds?

The Presidency-towns Insolvency Act, 1909 Signup and view all the answers

Who is entitled to, or has any claim on, the amount standing to the credit of a member in the Fund according to the text?

Official assignee or receiver in case of insolvency Signup and view all the answers

How do debts incurred by a deceased member affect the amount in the Fund payable to their nominee?

The amount vests in the nominee free from any debt incurred by the deceased member Signup and view all the answers