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Deduction of tax at source-Income-tax deduction from salaries during the financial year 1987-88 under section 192 of the Income-tax Act, 1961-Deduction admissible in respect of deposits made in the National Savings Scheme, 1987
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....ncial year 1987-88 under section 192 of the Income-tax Act, 1961-Deduction admissible in respect of deposits made in the National Savings Scheme, 1987 Circular No. 501 Dated 20/1/1988 To All State Governments (including Administration of Union Te....
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.... previous year. The maximum deduction admissible on this account is limited to Rs. 10,000 per annum. In case the depositor makes any withdrawals from the amount standing to his credit in the National Savings Scheme together with the interest accrued thereon, an amount equal to 50% of the amount so withdrawn shall be deemed to be the income of the taxpayer for the previous year in which such withdr....