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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 80C: Deductions for Senior Citizens Savings and Post Office Deposits; Tax on Early Withdrawals Explained.</h1> Section 80C of the Income-tax Act was amended by the Finance Act, 2008. The amendment introduced clauses (xxiii) and (xxiv) in sub-section (2), allowing deductions for investments in the Senior Citizens Savings Scheme and five-year Post Office Time Deposits. Additionally, sub-section (6A) was added, stipulating that if any amount, including interest, is withdrawn from these accounts before five years, it will be treated as income of the year of withdrawal and taxed accordingly. Exceptions include interest already taxed in prior years and amounts received by nominees or heirs upon the account holder's death, excluding untaxed accrued interest.
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