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of <h1>Section 112A: New Tax Rules for Interest on National Savings Certificates for Individuals, Not Companies.</h1> Section 112A, introduced by the Finance (No. 2) Act, 1965, amends the Income-tax Act to address taxation on interest from National Savings Certificates (First Issue) for individuals other than companies. The tax calculation involves three components: (a) tax on total income excluding the interest, compensation, and capital gains; (b) tax on the interest at the average rate applicable if the interest, compensation, and capital gains were excluded; and (c) tax on compensation and capital gains as per specific provisions. The average tax rate is calculated as if the reduced total income were entirely earned income, according to the relevant year's Finance Act.
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