Treatment of Interst on NSC and Interest on refund
This query is : Resolved
U S Sharma
(Expert)
20 July 2011
nsc interest is to be deemed in year of accural
https://www.simpletaxindia.org/2011/02/nsc-accrued-interest-chart-kvpgold.html
https://www.simpletaxindia.org/2011/02/nsc-accrued-interest-chart-kvpgold.html
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CA Navin Jain
(Expert)
20 July 2011
1.nsc purchased on 23/03/2011 amounting to Rs. 35,000/- for the financial year ended on 31/03/2011.
Ans;- Interest of Rs. 2856 will be taxable in the FY 2011-12, NO interest will be taxable in the fy 2010-11
2. Interest of Rs. 8 on the refund also treated the income of the FY 11.12
Ans;- Interest of Rs. 2856 will be taxable in the FY 2011-12, NO interest will be taxable in the fy 2010-11
2. Interest of Rs. 8 on the refund also treated the income of the FY 11.12
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20 July 2011
thanks Mr navin but can i not take interst on nsc for 8 days in f.y 10-11 itself ??
20 July 2011
thanks Mr navin but can i not take interst on nsc for 8 days in f.y 10-11 itself ??
Aditya Maheshwari
(Expert)
20 July 2011
Interest starts from next year. So interest will start from next yera.
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20 July 2011
ADITYA..sorry but i am still not clear...if i would hav purchased nsc on april1,2011 still it would have been taken in income of f.y. 11-12 or in f.y. 12-13
Aditya Maheshwari
(Expert)
21 July 2011
F. Y. 2012 - 13
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21 July 2011
Ankit.... what is important is the date from which interest on NSC accrues ..You can understand it by reading the documents related to NSC . Since you have purchased it in the later part of March 2011, interest does not accrues for that month it will start accruing from the next month . Likewise in PPF also if u don't invest within 5th of a month u will not get benefit of interest for that month ...
I Hope u r clear now.....
I Hope u r clear now.....
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