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of <h1>Section 194EE mandates 10% tax deduction on National Savings Scheme payments exceeding Rs 2,500 annually</h1> Section 194EE of the Income Tax Act, 1961 mandates deduction of income tax at ten percent on payments related to deposits under National Savings Scheme as specified in section 80CCA(2)(a). No deduction is required if the payment amount or aggregate payments to the payee during the financial year is below two thousand five hundred rupees. The provision does not apply to payments made to heirs of the assessee. The section was inserted in 1991 and the tax rate was reduced from twenty percent to ten percent in 2016.
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