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NSC Maturity

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(Querist)
12 July 2008 Sir,

I have received am amount of Rs.33456 on maturity of NSC.So, is it taxable or not. If is it exempted so which section,

Thanks
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
12 July 2008 Interest accrued on NSC is taxable on yearly basis. However, the interest accrued on NSCs for the first five years is elegible for deduction under section 80C on yearly basis. Thereafter, the amount received at the time of maturity is not subjected to income tax.
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