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NSC

This query is : Resolved 
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(Querist)
23 May 2009 dear all,
If Invested in the months of March 09 in NSC...whether we need to take accrued interest for 1 months ?
what is the consequence(taxability) when the same got matured ?
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Manikanta Raju CA,CWA,(CS)

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Manikanta Raju CA,CWA,(CS) (Expert)
23 May 2009 according to Sec 10(15)(ii) any income by way of interest, premium on redemption or other payment on national savings certificates are exempt from tax.
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K V Subba Rao

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K V Subba Rao (Expert)
23 May 2009 Sri Manikantaraju may kindly advise whether provisions of Sec 10(15(ii) are applicable for NSCs VIII issue being currently available for purchase

With regard to Sri Ravi Prasad's query, for NSCs purchased in Mar 09, Interest calculated at Rs 8.16 for every Rs 100 is to be adopted for Return purpose. There is however scope to claim Interest accured on NSCs as Deduction u/s 80C, subject to overall ceiling limit of Rs 100000
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