15 December 2013
Dear Sir, My Parents has purchased K.V.P. & N.S.C. with my name.right now i an doing job. Is it compalsory to show interest amount of K.V.P & N.S.C. in my return. Also tell me on the date of maturity, the maturity amount is taxable ? I have to show this in my IT Return?. What is the exact effect of this K.V.P. & N.S.C. in IT Return.
15 December 2013
yes. you need to include interest in your in return of income. the post office etc wont deduct TDS. So you have to pay tax on this interest income on your own.
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