Accrual taxation of deposit interest: National Deposit Scheme interest deemed accrued by fiscal year end and taxable in that year. Interest on deposits under the National Deposit Scheme made in the 1984-85 financial year is deemed to have accrued on 31-3-1985 despite half-yearly payment or compounding; the Board advises that such interest is taxable in the year of accrual.
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.
Accrual taxation of deposit interest: National Deposit Scheme interest deemed accrued by fiscal year end and taxable in that year.
Interest on deposits under the National Deposit Scheme made in the 1984-85 financial year is deemed to have accrued on 31-3-1985 despite half-yearly payment or compounding; the Board advises that such interest is taxable in the year of accrual.
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