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of <h1>Tax on National Savings Scheme Withdrawals Clarified: Amounts Taxable, Except for Legal Heirs Post-Death u/s 80CCA(2)(a.</h1> Circular No. 534, dated April 7, 1989, addresses the taxability of amounts withdrawn upon the closure of accounts under the National Savings Scheme. According to section 80CCA(2)(a) of the Income-tax Act, 1961, any amount withdrawn, including interest, is considered the income of the assessee for that year. The National Savings Scheme Rules, 1987, permit account closure after three years or upon the account holder's death. The circular clarifies that withdrawals upon account closure are taxable, except when paid to legal heirs after the account holder's death, as per Circular No. 532.
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