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Interest on NSC
How to record interest on NSC in tax returns ?
Replies (3)
As this Interest is re-invested in National Savings Certificate which is a specified instrument u/s 80C, a taxpayer can claim this amount of interest as a tax deduction under Section 80C. So, the taxpayer will first have to show this interest earned as an income and then claim this as a deduction under Section 80C.
Thanks & Regards
Durgesh Vashisth
9899812287
yes, for every year it was mentioned that in the first and further years, this amount would be interest .
Accrued interest on NSC need to be add every year under income from other sources and same eligible for deduction u/s 80c. But if your 80C investment is already more then 1.5 lk, then accrured interst on NSC is taxable.
Also point to remeber is that last year interst on NSC is not eligible for deduction u/s 80c.
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