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of <h1>Interest on Social Security Certificates Taxable Annually Under Income-tax Act; Nominee Payments Exempt per Rule 18</h1> Interest earned on social security certificates is subject to tax under the Income-tax Act, 1961, based on annual accrual as specified in rule 16. However, tax is not deducted at the time of paying the discharge value. Additionally, any amount payable to a nominee or legal heir of a certificate holder, as per sub-rule (1) of rule 18, is exempt from this tax.
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