Interest on NSC is tax free or not
This query is : Resolved
Pawan Patil
(Querist)
30 November 2008
Dear Sir,
With reference to above subject I have invested in NSC. Interst on NSC is taxable or not ?
With best regards,
Vilas Choudhari
With reference to above subject I have invested in NSC. Interst on NSC is taxable or not ?
With best regards,
Vilas Choudhari
CA Debasish Banerjee
(Expert)
30 November 2008
Taxable. Add to Gross Total Income under the head "Income from other sources" and
then
One can avail Sec 80C exemption for the interest accrued (all interest considered, till the year of maturity, as these interests are considered as amount reinvestment and gets the benefit of investment). For the last year there is no such benefit available and it is fully taxable.
then
One can avail Sec 80C exemption for the interest accrued (all interest considered, till the year of maturity, as these interests are considered as amount reinvestment and gets the benefit of investment). For the last year there is no such benefit available and it is fully taxable.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
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
