Interest on NSC
This query is : Resolved
16 April 2009
Dear experts,
Firm has taken a NSC in Oct'08.
For the purpose of finalization of A/c it requires rate of interest which will be imposed on it. Is there need to obtain any certificate for the same, if yes from where can be obtained, also inform the reqiured Journal entries.
Thanking You
Firm has taken a NSC in Oct'08.
For the purpose of finalization of A/c it requires rate of interest which will be imposed on it. Is there need to obtain any certificate for the same, if yes from where can be obtained, also inform the reqiured Journal entries.
Thanking You
16 April 2009
No need to obtain certificate. The interest for the first completed year is Rs.8.16 per NSC of Rs 100/-.According to me, since first completed year falls on october 2009, no need to provide interest as on 31/3/2009. If you prefer to provide proportionate interest journal entry will be
Interest accrued but not due a/c Dr
To Interest on NSC
(Being interest from oct 08 to
mar 09 provided)
Interest accrued but not due a/c Dr
To Interest on NSC
(Being interest from oct 08 to
mar 09 provided)
16 April 2009
Thank You Sir,
If I prefer to provide interest journal entry,what entry will be passed on Oct'09 and on 31 March 2010. While NSC value is 20000/-
If I prefer to provide interest journal entry,what entry will be passed on Oct'09 and on 31 March 2010. While NSC value is 20000/-
16 April 2009
First of all agree with expert and as a answer yo your question.
on actual receipt of interest:
Bank A/c___________________Dr.
____To Interest Received A/c.
____To Interest accrued but not due A/c
on actual receipt of interest:
Bank A/c___________________Dr.
____To Interest Received A/c.
____To Interest accrued but not due A/c
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
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
