NSC Interest
This query is : Resolved
CA BINIT SHAH
(Querist)
07 June 2011
I have an claimed N.S.C. interest that was accrued as deduction U/s80 C.... now since my n.s.c. has got matured i received the money back. would the excess money that i have received out of investment would be taxable. whether the interest received in the maturity year would be taxable???
CA MANOJ GUPTA
(Expert)
07 June 2011
INTT RECD IN ALL THE YEARS IS TAXABLE
HOWEVER DEDUCTION UNDER SECTION 80C IS ALLOWED IN RESPECT OF INTEREST UPTO FIFTH YEAR
CA MANOJ GUPTA
JODHPUR
09828510543
HOWEVER DEDUCTION UNDER SECTION 80C IS ALLOWED IN RESPECT OF INTEREST UPTO FIFTH YEAR
CA MANOJ GUPTA
JODHPUR
09828510543
07 June 2011
No Interest received on Maturity is not taxable. However, interest accrued for the 6th year (Last Year) is taxable as the same is not qualified for deduction under section 80C.
CA BINIT SHAH
(Querist)
07 June 2011
thank you sir.
CA MANOJ GUPTA
(Expert)
07 June 2011
THERE IS NO EXEMPTION TO INTEREST ON NSC SO INTT IS ALWAYS TAXABLE
FIRST IT IS TO BE INCLUDED IN INCOME AS OTHER SOURCES INCOME THEN DED UNDER SECTION 80C IS ALLOWED THAT TOO ONLY IN RESPECT OF INTT UPTO THE FIFTH YEAR
FIRST IT IS TO BE INCLUDED IN INCOME AS OTHER SOURCES INCOME THEN DED UNDER SECTION 80C IS ALLOWED THAT TOO ONLY IN RESPECT OF INTT UPTO THE FIFTH YEAR
CA MANOJ GUPTA
(Expert)
07 June 2011
IF YOU HAVE NOT GET TAXED INTT ON ACCRUAL BASIS IN EARLIER YAERS THEN INTT RECD ON MATURITY IS ALSO TAXABLE
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