Deposit account rules under income tax now include Tea Deposit Accounts with restricted withdrawals and scheme approvals. The amendment provides that deposits qualifying under section 33AB may be made either into a special account with the National Bank under an approved scheme or into a Tea Deposit Account opened under a deposit scheme framed by the Tea Board with prior Central Government approval, and it aligns withdrawal restrictions and scheme-based conditions so the Tea Deposit Account is treated equivalently to the special account.
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Provisions expressly mentioned in the judgment/order text.
Deposit account rules under income tax now include Tea Deposit Accounts with restricted withdrawals and scheme approvals.
The amendment provides that deposits qualifying under section 33AB may be made either into a special account with the National Bank under an approved scheme or into a Tea Deposit Account opened under a deposit scheme framed by the Tea Board with prior Central Government approval, and it aligns withdrawal restrictions and scheme-based conditions so the Tea Deposit Account is treated equivalently to the special account.
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