Interest income on nsc
This query is : Resolved
surbhi jain
(Querist)
19 February 2013
Whether the interest income to be taxed at the time of maturity would be eligible for deduction u/s 80c
Santosh Mishra
(Expert)
27 February 2013
Interests earned during earlier years are deemed as reinvested in NSC and qualify for exemption u/s 80C in respective previous year provided that same have been declared as income under the head Income from other sources.
Interest earned during final year of NSC is always taxable.
Interest earned during final year of NSC is always taxable.
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