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        Direct Taxes

        Rule 24 - Income-tax

        National Savings Certificates (VIII Issue) Rules, 1989

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        National Savings Certificates interest taxed on annual accrual; no tax deducted on discharge value payment. Interest on National Savings Certificates (VIII Issue) is liable to tax under the Income-tax Act, 1961 on the basis of the annual accrual method specified in rule 15, and no tax is to be deducted at source when the discharge value is paid.
                      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.

                            National Savings Certificates interest taxed on annual accrual; no tax deducted on discharge value payment.

                            Interest on National Savings Certificates (VIII Issue) is liable to tax under the Income-tax Act, 1961 on the basis of the annual accrual method specified in rule 15, and no tax is to be deducted at source when the discharge value is paid.


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