I HAVE INVESTED RS. 50,000/- IN NSC ON 17/3/2012 FOR 5 YEARS AND RS.25000/- IN TAX SAVER BANK FD OF 9% ON 28/03/2013 FOR 5 YEARS. SHOULD I SHOW THE INTREST IN INCOME FROM OTHER SOURCES AND DEDUCTION U/S 80C IN INCOME TAX RETURN FOR FINANCIAL YEAR 2012-13? HOW MUCH AMOUNT SHOULD I SHOW?
Menu
Nsc interest
Replies (1)
Both, investment in NSC and FD of 5 years is eligible for deductions from gross income u/s 80C.
The interest received from FD credited to your account can be shown as income from other sources. You will need to ask for interest statement/certificate from the bank to know the interest received. Also check the TDS deduction on the same and claim in your ITR.
The interest received from NSC is reinvested in NSC and therefore, the reinvested portion can be availed as deduction u/s 80C. There is no TDS deduction in NSC and so the interest amount on maturity will be taxable as income from other sources.
Recent Threads
- How to complete form10E Table details for the year
- How to submit ITR for old F&O losses
- Can an Software Engineer be termed as a workman an
- PF withdrawal in IT
- Resolution of Potential Double Taxation on NSC Int
- LTCG reporting in ITR2
- Pls advice to sell and we can make invoice to susp
- Most reliable solution to export offline OST to PS
- Sale of Mutual fund by NRI
- Why Should Businesses Prioritize SEO?
Related Threads
CAclubindia
