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Taxability of NSC Encashed

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(Querist)
06 July 2009 Hi,

Can anyone pls tell me about taxability of NSC encashed and how it is to be shown in ITR?
The assesse is a senior citizen
Regards
Abhi
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 July 2009 Principal is tax free. Interest is taxable under the head 'Income from other sources'. Interest is to be shown in the ITR either yearly or at the time of encashment depending on the method of accounting followed by the assessee.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
06 July 2009 agree
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