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Tds

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31 December 2011 Whether there is any difference between national saving scheme 2003 and relief bond?

whether the interest on relief bond exceeding Rs 10000.00 during the financial year is taxable @ 10% under section 193 of income tax act?
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sadashiv Rupchand Gaikwad

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sadashiv Rupchand Gaikwad (Expert)
01 January 2012 National Saving Scheme certificates are regular investment by Post. Accrued interest on NSC is eligible as reinvestment u/s 80c.Special relief Bonds are issued for special purpose. They may be ambit of another 20000 which exceeds 1 Lac.
Both interest is taxable, no tax free.
Both are applicable for TDS purpose. NSC is issued by Postal Department.
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