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of <h1>Tax Exemption Clarified for National Savings Certificates Held by Spouse and Minor Children; New Limits Announced.</h1> The circular addresses the exemption from income tax on investments in National Savings Certificates and similar accounts held in the names of an assessee's spouse and minor children. It clarifies that such investments should be exempt up to specified limits, as previously communicated in earlier circulars. The limits for individual and joint investments in various savings instruments are outlined, with increased thresholds for National Savings Certificates, Post Office Savings Bank Accounts, and others. The circular also emphasizes that interest on certain discontinued certificates remains tax-free. Remedial measures are advised for cases where the exemption was not granted as specified.
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