Interest accrued on NSS 1987
This query is : Resolved
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taxable separately but every withdrawal from NSS is taxable, i.e. principal and interest both are taxable as and when withdrawn.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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Gst on travel by air for business purposes
- Banking Related Issue
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Loss of interest in PF transfer from EPFO to Trust
- Sale of Mutual Funds In Diffirent Financial Years
- Query regarding reporting of exempt foreign remuneration in ITR
- Taxability of credit in canara bank ET & T section (NRO)
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
