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of <h1>CBDT Clarifies Taxation of Interest on Cumulative Deposits: Taxed Annually on Accrual, Not Upon Receipt by Govt Undertakings.</h1> The Central Board of Direct Taxes has addressed the taxability of interest on cumulative deposit schemes offered by Government undertakings. It has been determined that such interest should be taxed on an accrual basis annually, rather than upon receipt. Government undertakings are required to inform depositors of the accrued interest, enabling them to report it in their income tax returns.
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