80c fixed deposit maturity proceeds/interest income
This query is : Resolved
01 October 2012
Sir
IF an empoloyee makes a fixed deposit
under 80c for rs. 50000then what is the treatment of interest earned and maturity proceeds
pl reply at the earliest
Regards
Dheeraj Kumar
IF an empoloyee makes a fixed deposit
under 80c for rs. 50000then what is the treatment of interest earned and maturity proceeds
pl reply at the earliest
Regards
Dheeraj Kumar
01 October 2012
Interest earned is taxable while maturity peoceeds is not taxable
01 October 2012
whether the same is the case if he purchases NSC'S. or there is some difference.
tell which is better avenue for saving tax and why
tell which is better avenue for saving tax and why
01 October 2012
NSC interest is taxable on accrual basis but is also allowed as deduction u/s 80C.
So, net impact is NIL(provided the assessee has not exhausted the 80C limit).
So, net impact is NIL(provided the assessee has not exhausted the 80C limit).
01 October 2012
whether maturity proceeds of nsc's are tax free
whether interest on fixed deposit made under section 80c is not to be accounted on accrued basis
pl reply both the queries seperately
Thans & Regards
Dheeraj Kumar
whether interest on fixed deposit made under section 80c is not to be accounted on accrued basis
pl reply both the queries seperately
Thans & Regards
Dheeraj Kumar
01 October 2012
1. The maturity proceeds of NSC are tax free.
2. Interest on FDR is taxable on accrual basis.
2. Interest on FDR is taxable on accrual basis.
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