Tax on amount withdrawn from nss '87 ?
This query is : Resolved
19 August 2013
Amounts deposited into this Scheme (NSS '87) were allowed as Deduction u/s 80CCA of the I-T Act 1961 .
Four Persons had deposited amounts into the scheme NSS '87 in the following manner :-
Person YearofDeposit Amount Deposited
A AY 90-91 10,100
AY 91-92 20,000
AY 92-93 20,000
B Same Details as Person A
C AY 91-92 10,100
AY 92-93 40,000
D AY 92-93 20,000
The entire amounts were taken as Deduction from the Total Income of the respective Years in which they were Deposited in case of all the above persons.
All the persons withdrew the entire amount of Total Deposits made by them into their NSS'87 Accounts + Interest accrued till date on the Deposits in AY 14-15 . Further , all of them were alive in the Year of Withdrawal (i.e. In all cases , the account Holder himself/herself was alive when the amount was withdrawn) .
So , how will the Taxability be for all of of the above persons in respect of the amounts withdrawn by them from this scheme in AY 14-15 ?
Four Persons had deposited amounts into the scheme NSS '87 in the following manner :-
Person YearofDeposit Amount Deposited
A AY 90-91 10,100
AY 91-92 20,000
AY 92-93 20,000
B Same Details as Person A
C AY 91-92 10,100
AY 92-93 40,000
D AY 92-93 20,000
The entire amounts were taken as Deduction from the Total Income of the respective Years in which they were Deposited in case of all the above persons.
All the persons withdrew the entire amount of Total Deposits made by them into their NSS'87 Accounts + Interest accrued till date on the Deposits in AY 14-15 . Further , all of them were alive in the Year of Withdrawal (i.e. In all cases , the account Holder himself/herself was alive when the amount was withdrawn) .
So , how will the Taxability be for all of of the above persons in respect of the amounts withdrawn by them from this scheme in AY 14-15 ?
22 August 2013
The entire amount received along with the interest will be taxable in all the 4 cases.
You can show as NSS withdrawals -under Income from Other Sources .
.
You can show as NSS withdrawals -under Income from Other Sources .
.
Message likes :
1 times
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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
