Rule 76 : Penalty for assigning or creating a charge on beneficial interest
(Part XII : Recognised Provident Funds)
If an employee assigns or creates a charge upon his beneficial interest in a recognised provident fund, the Assessing Officer shall, on the fact of the assignment or charge coming to his knowledge, give notice to the employee that if he does not secure the cancellation of the assignment or charge within two months of the date of receipt of the notice, the consideration received for such assignment or charge shall be deemed to be income received by him in the year in which the fact became known to the Assessing Officer and shall be assessed accordingly.
Reference/Source: Check at Income Tax site for latest version of the Rules - link
This page was last updated on 17th October 2016.