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of <h1>Claim Tax Deductions u/s 80CCA for National Savings Scheme Deposits; Withdrawal May Trigger Taxable Income.</h1> Section 80CCA of the Income-tax Act, introduced by the Finance Act, 1987, effective April 1, 1988, allows individuals, Hindu undivided families, and certain associations to claim a tax deduction for deposits made under the National Savings Scheme. The deduction is 50% of the deposited amount, up to a maximum of 20,000 rupees, excluding accrued interest. If such deposits, along with accrued interest, are withdrawn, 50% of the withdrawn amount is considered taxable income for that year. Interest on these deposits is not taxable except as specified in the withdrawal provisions.
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