Tax deduction under Section 80C: National Savings Certificates specified as eligible for deduction for future assessment years. The Central Government, under clause (ix) of sub section (2) of section 80C of the Income tax Act, specified the National Savings Certificates (VIII Issue) issued under the Government Savings Certificates Act, 1959 as qualifying savings certificates by Notification No. 223/2005 dated 3 11 2005, applying to the assessment year 2006 07 and subsequent assessment years.