Exemption for withdrawals under section 80CCA: individual withdrawals after the specified date are not charged to tax. Amendment inserts a proviso to section 80CCA(2) exempting amounts withdrawn on or after 29th August, 2024 by an assessee who is an individual from being charged to tax as income; this change overrides the deeming provision that treated withdrawals and accrued interest as taxable and is stated to operate retrospectively from that date.
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.
Exemption for withdrawals under section 80CCA: individual withdrawals after the specified date are not charged to tax.
Amendment inserts a proviso to section 80CCA(2) exempting amounts withdrawn on or after 29th August, 2024 by an assessee who is an individual from being charged to tax as income; this change overrides the deeming provision that treated withdrawals and accrued interest as taxable and is stated to operate retrospectively from that date.
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