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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Accrued Interest on Cumulative Bank Deposits and NSC Series VI & VIII Taxable Under Wealth Tax Act.</h1> The circular addresses the inclusion of accrued interest on cumulative bank deposits and National Savings Certificates (NSC) in the net wealth of an assessee under the Wealth Tax Act. For NSC Series VI and VIII, accrued interest is deemed reinvested and taxable annually, forming part of the holder's wealth, while Series VII interest is paid semi-annually and not considered. Accrued interest on cumulative bank deposits is also taxable under wealth tax, even if prematurely withdrawn, and qualifies for deductions under specific sections of the Wealth Tax Act. The instructions are to be communicated to relevant officers.
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