Section 194EE - Payments in respect of deposits under National Savings Scheme, etc. - Income Tax - Ready Reckoner - Income Tax

Section 194EE - Payments in respect of deposits under National Savings Scheme, etc. The person responsible for paying to any person any amount standing to the credit of such person under National Savings Scheme (to which section 80CCA is applicable) together with interest accrued thereon, shall deduct income tax on such amount at the time of its payment @ 10%. Notes:- Where the amount of payment during a financial year is less than Rs. 2,500, the tax is not required to be deducted at source Where the payment is to be made to the legal heirs of the deceased assessee after his death, the tax is not required to be deducted at source.