NSC CALCULATION
This query is : Resolved
06 December 2008
HI GUD EVENING,
ONE OF MY FRIEND IS A DOCTOR. HIS TAX AMT FOR THE PERIOD 2008-09 IS RS. 27799. HE GOT AROUND 1 LAKH RUPEES NSC. PLS ADVISE ME HOW MUCH NSC REQUIRED FOR THE TAX AMT OF RS.27799 TO GET INCOME TAX EXEMPTION.
AWAITING FOR YOUR EARLY REPLY.
ONE OF MY FRIEND IS A DOCTOR. HIS TAX AMT FOR THE PERIOD 2008-09 IS RS. 27799. HE GOT AROUND 1 LAKH RUPEES NSC. PLS ADVISE ME HOW MUCH NSC REQUIRED FOR THE TAX AMT OF RS.27799 TO GET INCOME TAX EXEMPTION.
AWAITING FOR YOUR EARLY REPLY.
K V Subba Rao
(Expert)
07 December 2008
For back working Net Taxable Income from Tax amount, one needs to know whether your Doctor friend is a Sr. Citizen, woman assessee etc.
There is no clarity especially in last word of your sentence "HE GOT AROUND 1 LAKH RUPEES NSC." Did he already purchase NSCs worth Rs 1 lac in this year or he purchased in previous years.
Coming to the main issue, I would suggest your Doctor friend to prefer 5 year Tax Saver Deposit with Karnataka Bank offering 11 percent interest. This is more advantageous than NSC
There is no clarity especially in last word of your sentence "HE GOT AROUND 1 LAKH RUPEES NSC." Did he already purchase NSCs worth Rs 1 lac in this year or he purchased in previous years.
Coming to the main issue, I would suggest your Doctor friend to prefer 5 year Tax Saver Deposit with Karnataka Bank offering 11 percent interest. This is more advantageous than NSC
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