NSC Interest accural
This query is : Resolved
14 July 2008
Do i have to pay Income tax for NSC interest acuring every year or can i claim the rebate under section 80c
14 July 2008
NSC intt accrued forms part of Gross Total Income and is to be considered on yearly basis. However, the same is also elegible for deduction u/s 80C except the last year when it matures.
14 July 2008
Sri Ahuja's answer is correct. Please refer Para 107.1.2c of 31st edition of Singhania's Direct Taxes Ready Reckoner for full details
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