NSC Interest Income Query - Kindly Advice
This query is : Resolved
30 March 2011
Sir,
I invested in NSC 7 years ago.
For the first two years (i.e. 1st & 2nd years) my total income was less than taxable limit and hence I did not file my IT Returns.
For the next 4 years (i.e. 3rd, 4th, 5th & 6th years) my total income was above taxable limits and I filed my IT Returns, showing NSC Interest Income earned for each year in Total Income for the Year.
Now for the last year (7th year) NSC got Matured, and I received the lump sum maturity amount.
My Query: For the purpose of Filing IT Returns in 7th year, should I show the NSC Interest Income Earned for the 7th Year alone, OR should I show NSC Interest Income Earned for 7th, 1st & 2nd years (i.e. NSC Maturity Interest LESS the NSC Interest already Reported).
Kindly Advice & Help. Thanks.
Asogan
I invested in NSC 7 years ago.
For the first two years (i.e. 1st & 2nd years) my total income was less than taxable limit and hence I did not file my IT Returns.
For the next 4 years (i.e. 3rd, 4th, 5th & 6th years) my total income was above taxable limits and I filed my IT Returns, showing NSC Interest Income earned for each year in Total Income for the Year.
Now for the last year (7th year) NSC got Matured, and I received the lump sum maturity amount.
My Query: For the purpose of Filing IT Returns in 7th year, should I show the NSC Interest Income Earned for the 7th Year alone, OR should I show NSC Interest Income Earned for 7th, 1st & 2nd years (i.e. NSC Maturity Interest LESS the NSC Interest already Reported).
Kindly Advice & Help. Thanks.
Asogan
31 March 2011
Interest for the 7th year only to be declared since you have followed accrual concept for declaring NSC interest.
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