NSC accrued interest

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43 Points Posted on 21 January 2021
I had invested in NSC series 8 during FY 19-20.
I understand that the interest accrued during FY 2020-21 is eligible for deduction under 80C in subsequent years. If so, where can I know how much is the accrued interest amount.
Please clarify.
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On 21 January 2021 at 21:51 Report
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Quick Summary
This discussion clarifies how to calculate accrued interest on National Savings Certificates (NSC) for claiming deductions under Section 80C of the Income Tax Act. The interest accrued each year is eligible for deduction in subsequent years, up to the overall limit of Rs 1.5 lakh for 80C. Participants suggest calculating this manually based on the interest rate or using the official Income Tax Department's online calculator for precise figures.

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Chartered Accountant
24588 Points Posted on 21 January 2021
Total deduction of 80C is maximum upto 150000 rupees
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On 21 January 2021 at 22:08
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106 Points Posted on 22 January 2021
Hello Suresh G S,
The interest rate for series 8 in FY 2019 - 2020 is approx 7.9%. You can calculate accordingly. Also if you want to check your self, kindly visit official website of Income Tax Department, and go to tax tools, there you can find Interest on National Savings Certificate Calculator. Fill in the details and you have your desired results.
Thanks and Regards,
RA.
1 Reply
On 22 January 2021 at 01:32
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17269 Points Posted on 22 January 2021

NSC accrued interest for NSC of 10000/-

first year. 790
second. 852
third. 920
fourth. 992
fifth 1071

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On 22 January 2021 at 09:28
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43 Points Posted on 22 January 2021
Hi Sourav, Leena and Pravin.
Thank you for your replies. Regards. Suresh
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On 22 January 2021 at 09:37
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Partner
1072 Points Posted on 22 January 2021

You can google for it.

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On 22 January 2021 at 19:49
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43 Points Posted on 22 January 2021
Thank you Sir
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On 22 January 2021 at 22:41
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Accountant
4533 Points Posted on 23 January 2021
Interest received by NSE should not be allowed as deduction it will be allowed as exemptions
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On 23 January 2021 at 23:42
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Chartered Accountant
86505 Points Posted on 24 January 2021
Rates are mentioned by Income tax according to Date of investment.

Check out at official portal of Income Tax
https://www.incometaxindia.gov.in/Pages/tools/interest-on-national-savings-certificate.aspx
1 Reply
On 24 January 2021 at 07:38

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