Interest on nsc
This query is : Resolved
Abhishek Roy Choudhury
(Querist)
19 February 2016
Dear Sir,
Please tell whether Interest on NSC for the 5th year is allowable as deduction u/s. 80C for A.Y. 2015-16.
Thanks,
Abhishek Roy Choudhury.
Please tell whether Interest on NSC for the 5th year is allowable as deduction u/s. 80C for A.Y. 2015-16.
Thanks,
Abhishek Roy Choudhury.
KAVIRAJA ADDANGADI
(Expert)
19 February 2016
Interest earned every year is automatically reinvested, and such re-invested interest qualify for tax rebate under section 80C of the Income Tax Act, except for the last year
Amol S Joglekar
(Expert)
19 February 2016
The last years interest is NOT allowed as deduction u/s 80C.
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