Interest on reinvestment deposit schemes/recurring deposit schemes/Cash Certificates, etc.-Treatment thereof-Under section 80L of the Income-tax Act, 1961

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Dated 22/6/1978 Several banks are accepting deposits under the reinvestment deposit schemes, recurring deposit schemes, cash certificates and similar schemes. These schemes have been evolved to provide the public with an attractive medium of investment and simultaneously mobilise savings. 2. Under these schemes, a depositor invests a sum of money for a certain period of years and at the en .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Government has decided that interest for each year calculated at the stipulated rate will be taxed as income accrued in that year. The benefit of deductions under section 80L of the Income-tax Act, 1961, will be available on such interest. (Sd.) Mahaved Shastri, Under Secy. Central Board of Direct Taxes. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Managemen .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X