Income Tax - Intt. on NSC Treatment

Dear Sir,

Pl inform me how we will consider Intt. on NSC purchased in FY 2006-07. Full benefit taken u/s 80-C in the FY 2006-07. Is the Interest exempt from tax or it will be added to GTI and Rebate u/s 80 will be taken in FY 08-09 while filing IT Return?

Pls clarify.  

Regards,

Shalini

Replies (6)

Interest on NSC is taxable under the head Income from other Sources.  The same is eligible for deduction U/s.80C if reinvested (where it is not withdrawn)

Interest on NSC is required to be disclosed under the head income from other sources. Besides this it can be claimed as deduction u/s 80C subject to maximum limit of Rs. 1 Lakh

NSC Intt. is taxable under Income from other sources & is eligible for deduction u/s 80-C within the limit of Rs 100000 if it is reinvested i.e. it is not withdrawn

Hello Friends...

Anybody plz tell me whts d difference between  CLOSELY HELD AND WIDELY HELD COMPANY?

Closely held company means Pvt. Co.

Widely held company means Public co.

In the year of purchase of NSC, interest u/s80C will not be allowed and after wards interest will be deemed as income from other sources and will eligible for deduction u/s 80C.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 07 September 2026
CA Articles

Kothari Jain Patil & Chartered Accountants

Pune

CA Inter

View Details
Company
14 August 2026
Article Assistant CA Articleship

Eshwar & Co Chartered Accountants - Nungambakkam

Chennai

CA Inter

View Details
Company
24 August 2026
Semi-Qualified CA/CA Finalist - Tax, GST, Audit & Accounts

Bharat Shah & Associates

Mumbai

CA Inter

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
18 August 2026
CA Semi Qualifies

Goyanka and Associates

New Delhi

CA Inter

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details
Company
21 August 2026
Accountant

A G International

Kolkata

B.Com

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

K R Kiran Kumar & Associates

Bengaluru

CA Inter

View Details