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of <h1>Section 192 Tax Deduction Guidelines: New Deductions for National Savings Scheme Deposits u/s 80CCA, FY 1987-88.</h1> The circular outlines the tax deduction guidelines for salaries during the financial year 1987-88 under section 192 of the Income-tax Act, 1961. It introduces section 80CCA, allowing deductions for deposits made in the National Savings Scheme, 1987. Individuals, Hindu undivided families, and certain associations can claim deductions up to 50% of deposits, not exceeding Rs. 20,000 annually, with a maximum deduction of Rs. 10,000. Withdrawals from the scheme will be considered income, with interest taxable upon withdrawal. These deductions are additional to those under section 80C and should be communicated to relevant disbursing officers and state undertakings.
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