TMI BlogRepayment of amount on the closure of account under the National Savings Scheme-Taxability ofX X X X Extracts X X X X X X X X Extracts X X X X ..... unt standing to the credit of an assessee under the National Savings Scheme in respect of which a deduction has been allowed under sub-section (1) of that section (including interest thereon) is withdrawn in whole or part in any previous year, the amount withdrawn shall be deemed to be the income of the assessee of that previous year. 2. The Central Government has notified the National Savings S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the account would also fall within the purview of sub-section (2) of section 80CCA of the Act. It may be noted that clause (a) of sub-section (2) of the said section refers to withdrawal of the amount to the credit of an assessee, in whole or in part. On the closure of an account, the whole amount to the credit of the assessee in the account is withdrawn by him. Hence, the amount paid to the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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