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interest on NSS taxable?


24 July 2008 hi,

could anyone suggest whether interest on NSS is taxable or not,,
please reply with clause supporting it..

regards,
tarin shah

24 July 2008 Please clearify about scheme whether it is NSS 1987 and 1992.

National Savings Scheme, 1987, was covered by Sec. 80CCB, which allowed the contribution as deduction from taxable income subject to the amount of both principal and interest being taxable on withdrawal. This scheme was closed with effect from April 1, 1992.

National Savings Scheme, 1992, allows deduction for the contribution made for this purpose under Sec. 80C subject to the ceiling under Sec. 80C with interest income being taxable, while the principal amount on return will not be so taxable.

Interest under this scheme can be offered either on accrual basis from year to year or on cash basis in the year of withdrawal.


24 July 2008 its a national saving scheme 1987.
and its interest is recievable alongwith principal during these year.



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