Tax on maturity of NSC
This query is : Resolved
22 September 2022
My father has invested in few NSC which will be maturing this year and next year . What is the tax implications on maturity? Can someone pls help out
22 September 2022
Generally, the last one year's interest amount is to be offered for assessment; provided the interest of earlier years was offered for assessment in respective ass. years.
22 September 2022
I don’t think the interst of previous years was shown , what can be done now . Principal is not charged to tax right ? Now the entire interest for 5 yrs need to taxed or just the last year . Also my dad is a senior citizen
22 September 2022
Here, check if the returns were filed or not?
If yes, then the whole 5 years accrued interest would be taxable. Principal amount is not taxable.
If yes, then the whole 5 years accrued interest would be taxable. Principal amount is not taxable.
22 September 2022
Yes since he was employed , returns were filed correctly. The nsc was shown in 80c , but the interst was not accounted , since was not received and shall be received on maturity , he forgot to show in return
22 September 2022
So, declare the total interest for assessment relevant to its year of maturity.
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