Sir,
I have 60K NSC which gives around 36K interest. The maturity was in Feb,14 (FY 13-14). However, I have not submitted the NSCs yet and I will do that now in April,14 (FY 14-15). So I will actually get the cheque in new FY so when do i have to show it as additiona income and when should I pay the taxes on that?
Please guide me on this.
Thank you,
Manoj
You may show your interest in your ITR for the FY 2013-14. Your other incomes also will have to be considered before calculating tax payable. Yes, the interest received is taxable.
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