Deduction for interest on National Deposit Scheme expanded, with sequential capped deductions for previously undeducted interest. Amendment adds a deduction for interest on deposits under a Central Government notified National Deposit Scheme and replaces 'under any scheme' with 'under any other scheme.' It provides two sequential provisos allowing a further deduction for income not previously deducted and, where interest on such deposits remains unallowed, an additional deduction for the remaining unallowed amount, each subject to specified monetary caps in computing total income.
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.
Deduction for interest on National Deposit Scheme expanded, with sequential capped deductions for previously undeducted interest.
Amendment adds a deduction for interest on deposits under a Central Government notified National Deposit Scheme and replaces "under any scheme" with "under any other scheme." It provides two sequential provisos allowing a further deduction for income not previously deducted and, where interest on such deposits remains unallowed, an additional deduction for the remaining unallowed amount, each subject to specified monetary caps in computing total income.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.