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of <h1>Amendment Clarifies National Deposit Scheme Interest Taxation for 1984-85 Deposits; Taxable When Accrued, Not Paid.</h1> The National Deposit Scheme, initiated by the Central Government on July 30, 1984, provides interest on deposits compounded or paid semi-annually. An amendment specifies that for deposits made in the 1984-85 financial year, interest accrued up to March 31, 1985, is considered to have accrued on that date, regardless of the semi-annual payment schedule. The Central Board of Direct Taxes has determined that this interest is taxable in the year it accrues.
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