NSC Interest
This query is : Resolved
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???
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.
07 June 2011
thank you sir.
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
07 June 2011
IF YOU HAVE NOT GET TAXED INTT ON ACCRUAL BASIS IN EARLIER YAERS THEN INTT RECD ON MATURITY IS ALSO TAXABLE
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- Reporting of STCG on Property in ITR
- Building tax payment deduction in rental Income
- Can partnership firm show income under 44ad
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
