Interest received from Post Office on NSC
This query is : Resolved
02 July 2023
Dear Sir, During the FY 2022-23 I have received 5 years NSC maturity amount which includes interest of Rs. 200000/-approx. However, while filing Income tax return, I have shown interest on accrued basis (Say every year 40000). Now current year AIS shows interest of 200000/-approx . and as against I am showing interest only 40000/-
Whether this will show mismatch of Interest? Is there any provision in return to bifurcate year wise interest? What steps to taken to avoid notice?
KGs
Whether this will show mismatch of Interest? Is there any provision in return to bifurcate year wise interest? What steps to taken to avoid notice?
KGs
02 July 2023
NSC interest is to be declared annually, and not on final maturity. So, what you have done is correct.
No mismatch would occur even if the total interest has been declared in AIS, if you have declared only current year's interest for assessment.
No mismatch would occur even if the total interest has been declared in AIS, if you have declared only current year's interest for assessment.
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29 July 2023
SIR , in AIS is it necessary to give feedback that information of interest on NSC is partially correct (as accounted on accrual basis ) ? or no needs to give any feedback..
29 July 2023
Not mandatory, but advisable to report.
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