Section 194EE:
Payments in respect of deposits under National Savings Scheme, etc.
1The person
responsible for paying to any person any amount referred to in clause (a) of sub-section (2) of section
80CCA shall, at the time of payment thereof, deduct income-tax thereon at the rate of2
ten per cent.:
Provided that no deduction shall be made under this section where the amount of such payment or, as
the case may be, the aggregate amount of such payments to the payee during the financial year is less than
two thousand five hundred rupees :
Provided further that nothing contained in this section shall apply to the payment of the said amount
to the heirs of the assessee.
Notes:
1. Ins. by Act 49 of 1991, s. 54 (w.e.f. 1-10-1991).
2. Subs. by Act 28 of 2016, s. 77, for “twenty per cent.” (w.e.f. 1-6-2016).