Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2013
Hi,
Please inform me which section is applicable for the amount receivable at the maturity of NSC.
Please inform me which section is applicable for the amount receivable at the maturity of NSC.
03 August 2013
Hi,
It is taxable under “Income from Other Sources”.
Only the final year’s interest, when the NSC matures is taxable
Because it does not receive a tax deduction as it does not get reinvested, but is paid back to the investor along with the interest of the earlier years and the capital amount.
Rg//Vaibhav
It is taxable under “Income from Other Sources”.
Only the final year’s interest, when the NSC matures is taxable
Because it does not receive a tax deduction as it does not get reinvested, but is paid back to the investor along with the interest of the earlier years and the capital amount.
Rg//Vaibhav
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