Income Tax - Intt. on NSC Treatment

1244 views 6 replies

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  The same is eligible for deduction U/s.80C if reinvested (where it is not withdrawn)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other sources & is eligible for deduction u/s 80-C within the limit of Rs 100000 if it is reinvested i.e. it is not withdrawn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
06 July 2026
C.A./CA Inter OR pursuing C.A./GST/Accounts/Audit/IT - Head

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
CA Articled Trainee And Paid Assistant

SKAA & Associates

New Delhi

CA Inter

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details