Podcast
Questions and Answers
How are the Second and Third Schedules to the Income-tax Act, 1961 applied in the context of this text?
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?
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?
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?
How does the Scheme under which the Fund is established interact with Chapter IXA of the Indian Income-tax Act, 1922?
What does the provision in Section 8 of the Act refer to?
What does the provision in Section 8 of the Act refer to?
How are the Income-tax (Certificate Proceedings) Rules, 1962 utilized in this context?
How are the Income-tax (Certificate Proceedings) Rules, 1962 utilized in this context?
Can the amount in the Fund be assigned or charged?
Can the amount in the Fund be assigned or charged?
In case of a member's death, who does the amount in the Fund vest in according to the text?
In case of a member's death, who does the amount in the Fund vest in according to the text?
What happens to the amount in the Fund in case of insolvency or winding up of an employer?
What happens to the amount in the Fund in case of insolvency or winding up of an employer?
Which Act made changes to the rules regarding attachment of amounts in provident funds?
Which Act made changes to the rules regarding attachment of amounts in provident funds?
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?
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?
How do debts incurred by a deceased member affect the amount in the Fund payable to their nominee?
How do debts incurred by a deceased member affect the amount in the Fund payable to their nominee?
