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of <h1>Interest on Cumulative Deposits to Be Taxed Annually on Accrual Basis; Private Firms Must Inform Depositors.</h1> Interest on cumulative deposit schemes from private sector undertakings is to be taxed on an accrual basis annually, rather than upon receipt. The Central Government mandates that private sector undertakings must inform individual depositors of the accrued interest to ensure accurate disclosure in their income tax returns. This decision aims to clarify the taxability of interest accrued each year on these deposit schemes.
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