https://www.taxtmi.com/circulars?id=4907 Deduction for deposits in the National Savings Scheme may be allowed by drawing and disbursing officers when computing tax to be deducted at source from salaries. The statutory provision permits a deduction equal to fifty percent of deposits subject to an annual ceiling; on withdrawal fifty percent of the withdrawn amount is treated as income in the year of withdrawal, and interest on deposits is taxable only in the year of withdrawal to the extent of fifty percent. The deduction is additional to the deduction available under the other deposit-linked deduction provision. en-us Wed, 20 Jan 1988 00:00:00 +0530 Mon, 04 Aug 2008 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4907 Deduction for deposits in the National Savings Scheme may be allowed by drawing and disbursing officers when computing tax to be deducted at source from salaries. The statutory provision permits a deduction equal to fifty percent of deposits subject to an annual ceiling; on withdrawal fifty percent of the withdrawn amount is treated as income in the year of withdrawal, and interest on deposits is taxable only in the year of withdrawal to the extent of fifty percent. The deduction is additional to the deduction available under the other deposit-linked deduction provision. Circulars Income Tax Wed, 20 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4907