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NSC accrued interest

249 views 8 replies

Suresh G S

43 Points Joined February 2019

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.

Replies (8)

CA. Sourav Sarkar

Chartered Accountant

24588 Points Joined November 2019

Total deduction of 80C is maximum upto 150000 rupees

Leena Raghuvanshi

106 Points Joined 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.

Kapadia Pravin

17264 Points Joined December 2018

NSC accrued interest for NSC of 10000/-

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

Suresh G S

43 Points Joined February 2019

Hi Sourav, Leena and Pravin.
Thank you for your replies. Regards. Suresh

anil jain

Partner

1072 Points Joined December 2009

You can google for it.

Suresh G S

43 Points Joined February 2019

Thank you Sir

Krishna Chaudhary

Accountant

4531 Points Joined February 2017

Interest received by NSE should not be allowed as deduction it will be allowed as exemptions

CA Rashmi Gandhi

Chartered Accountant

86500 Points Joined April 2011

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