Section 15 in The National Housing Bank (Tax Saving) Term Deposit Scheme, 2008
15. Income tax.
(1)Interest on these term deposits shall be liable to tax under the Income Tax Act, 1961, on the basis of annual accrual on receipt, depending upon the method of accounting followed by the depositor.(2)The tax on such interest shall be deducted in accordance with the applicable provisions under the Income Tax Act, 1961.
