Wealth Tax-Inclusion of interest on cumulative bank deposits and NSC in net wealth of assessee.

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....ayable on maturity should be treated as an asset to be included in the net wealth of an assessee, has been raised for consideration of the Board. 2. Rules governing National Savings Certificates Series VI and VIII provide that interest as specified in the table given in the notification shall accrue to the holder/holders of the certificate and the interest so accrued will be deemed to have been....

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....mpletion of the period originally agreed upon, the rate of interest payable in respect of such term deposit shall be the one applicable to the period for which the deposit remained with the Bank less 1% penalty for a pre-mature withdrawal. However, in the event of premature closure or withdrawal of a deposit under reinvestment plan, which provides for reinvestment of the interest, interest as perm....