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Interest on nsc

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(Querist)
21 September 2013 A partnership firm has NSC of Rs.20000 so my question is whether we require to add 8.13%, 8.83% etc. as interest upto maturity or we can consider total interest at the year of maturity..
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
21 September 2013 if u are following the accrual principle, then keep accruing interest yearly.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
21 September 2013 If you following is accrual basis then pass the entry of interest per year as accrued interest on NSC in the end of every year...
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