CA Rajesh Keshri
(CA)
(175 Points)
Replied 24 June 2011
Deepak Gupta
(CA Student)
(15922 Points)
Replied 24 June 2011
Originally posted by : kaushal (taxbykk) | ||
hi all This is an academic question. Pls help me to calculate interest on NSC. X purchases NSCs (VIII issue) on 15th march 2009 for Rs. 10,000 and on l5th March, 2010 Rs. 20,000. State the amount of deduction he can claim under section 80C for for the AY 2010-11. Interest accruing on NSCs of Rs. 100 denomination for first year is Rs. 8.16 and second year, it is Rs. 8.83. Thanks in advance |
AY - 2010-11
FY - 2009-10
NSC Purchased:
15.03.2009 (FY 2008-09) = 10,000
15.03.2010 (FY 2009-10) = 20,000
Accrued Interest on NSC
NSC 2008-09 2009-10
NSC (15.03.09) --- 816
NSC (15.03.10) --- ---
Total Deduction u/s 80C for AY 2010-11 = 20,000+816 = 20,816/-
Pravin Prajapat
(C.A. Final Student)
(136 Points)
Replied 05 July 2012
Hi CS K.K. Agarwal Sir..........
Deepak Gupta's Post was Correct but I want to share something more about NSC.
The Assessee can Claim the Deduction u/s 80C for NSC as well as Interest on NSC.
However, the Deduction for Interest on NSC can be claim upto first five(5) year only in the Related F.Y.
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