Interest accrual rules updated for national savings certificates, changing annual reinvestment treatment and encashment payout schedule. Amendment treats annual interest for the first four years on certificates purchased on or after the effective date as deemed reinvested and prescribes specific annual interest accruals for a standard denomination with proportionate amounts for other denominations. It also adds an encashment schedule specifying amounts payable inclusive of accrued interest, after discount adjustment, for successive holding period bands for certificates encashed after the minimum holding period, applied proportionately to other denominations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest accrual rules updated for national savings certificates, changing annual reinvestment treatment and encashment payout schedule.
Amendment treats annual interest for the first four years on certificates purchased on or after the effective date as deemed reinvested and prescribes specific annual interest accruals for a standard denomination with proportionate amounts for other denominations. It also adds an encashment schedule specifying amounts payable inclusive of accrued interest, after discount adjustment, for successive holding period bands for certificates encashed after the minimum holding period, applied proportionately to other denominations.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
