accrued interest on NSC
This query is : Resolved
15 July 2008
No, the intt accrued on NSCs is taxable under the head of Income From Other Sources. However, the same is seperately elegible for deduction under section 80C for all the years except the last year.
16 July 2008
but u/s 10(15)list of exemptions is given.
under that list Accrued interest on NSC is given as exempt
under that list Accrued interest on NSC is given as exempt
17 July 2008
Only interest on notified deposits,bond or certificates are exempt u/s 10(15).
Following National Certificates have been notified to be exempt u/s 10(15)
Post Office National Savings Certificates (12 years/7 years), 7 year National Certificates(II Issue),
7 year National Certificates(II Issue)-Bank Series
Existing NSC(VIII) series is not exempt as such
Following National Certificates have been notified to be exempt u/s 10(15)
Post Office National Savings Certificates (12 years/7 years), 7 year National Certificates(II Issue),
7 year National Certificates(II Issue)-Bank Series
Existing NSC(VIII) series is not exempt as such
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