Interest on National Savings Certificates included as taxable income under amendment, affecting computation and attribution rules. Amendment integrates the interest on National Savings Certificates (First Issue) into the taxable income framework of Section 112 by substituting clauses so that clauses (i) and (iii) refer to interest on such certificates alongside capital gains, and by replacing clause (iv) to direct that tax on that interest and on capital gains be computed under the relevant computation provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on National Savings Certificates included as taxable income under amendment, affecting computation and attribution rules.
Amendment integrates the interest on National Savings Certificates (First Issue) into the taxable income framework of Section 112 by substituting clauses so that clauses (i) and (iii) refer to interest on such certificates alongside capital gains, and by replacing clause (iv) to direct that tax on that interest and on capital gains be computed under the relevant computation provisions.
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