Dear All!
NSC bonds encashment after 10 years on maturity. Is the encashment amount exempted? and if so under which section?
If not Exempt then Please suggest the Tax treatment.
Thanks & Regards,
Gopalakrishnan M.
Dear All!
NSC bonds encashment after 10 years on maturity. Is the encashment amount exempted? and if so under which section?
If not Exempt then Please suggest the Tax treatment.
Thanks & Regards,
Gopalakrishnan M.
Rule 24 of the National Savings Certificates (IX Issue) Rules, 2011:
.
"Interest on these certificates shall be liable to tax under the Income-tax Act, 1961 (43 of 1961), on the basis of the annual accrual specified in rule 15, but no tax shall be deducted at the time of payment of discharge value."
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