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of <h1>Income Tax Bill 2025 Clause 393(3) maintains 10% TDS on National Savings withdrawals above Rs. 2,500 but may broaden exemptions</h1> The Income Tax Bill 2025's Clause 393(3) replaces Section 194EE of the Income-tax Act 1961, maintaining substantially similar TDS provisions for National Savings Scheme withdrawals. Both require 10% tax deduction on payments exceeding Rs. 2,500 annually, with exemptions for heirs. The new provision potentially broadens exemptions to include all individuals, not just heirs, which could significantly reduce compliance burden for individual investors. Key features remain unchanged: same deduction rate, threshold limits, and timing requirements. The Bill modernizes terminology and structure while preserving core policy objectives of ensuring tax compliance on savings scheme withdrawals while providing relief to small depositors and legal heirs.
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