Interest accrued on NSS 1987
This query is : Resolved
shailaja sabnis
(Querist)
10 April 2022
Interest earned on Post Office – NSS 1987 for AY 2022-23 is say Rs 8,000/-
- Is it taxable, if yes under which section of the Income Tax Act?
- Should the amount of interest credited be included in ''Income from other sources''.
If accrues interest is taxable and also withdrawal is taxable, does it not amount to double taxation.
1. Interest earned in FY 2021-22 is say Rs. 8000/- TDS @ 10% = Rs. 800
2. Withdraw Rs. 8000/- TDS @ 10% = 800
**************************************************************
- Is it taxable, if yes under which section of the Income Tax Act?
- Should the amount of interest credited be included in ''Income from other sources''.
If accrues interest is taxable and also withdrawal is taxable, does it not amount to double taxation.
1. Interest earned in FY 2021-22 is say Rs. 8000/- TDS @ 10% = Rs. 800
2. Withdraw Rs. 8000/- TDS @ 10% = 800
**************************************************************
10 April 2022
Interest on National Saving Scheme (NSS) is not taxable separately but every withdrawal from NSS is taxable, i.e. principal and interest both are taxable as and when withdrawn. TDS is made u/s 194EE. Credit for TDS is available as usual as any other TDS.
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