HI ,,
ONE PERSON HAVING NSC INVESTMENT WORTH OF 450000
SUPPOUSE HE HAS A INCOME BY WAY OF NSC INTEREST FROM LAST 4 YEARS HE DIDNT SHOWN THIS INTEREST IN HIS PREVIOUS 4YEARS.
MY QUESTION IS
1)WHETHER HE CAN SHOW TOTAL 4 YEARS INTEREST IN THIS FINANCIAL YEAR OR NOT ?
2) WHETHER HE HAS TO SHOW TOTAL INTEREST AFTER MATURITY ?
we have to show accrued nsc interest in each f.y
YES INTEREST WILL BE TAXABLE ON YEARLY BASIS
Ideally the interest has to be accrued on an yearly basis but since it has not been done,the person could account for the same on maturity.That is,the entire accumulated interest can be offered for taxation in the year of maturity.
Balaji is correct
| Originally posted by : Balaji | ||
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Ideally the interest has to be accrued on an yearly basis but since it has not been done,the person could account for the same on maturity.That is,the entire accumulated interest can be offered for taxation in the year of maturity. |
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CAclubindia
