Dear All,
Suppose i've purchased a NSC of 50000 on 21 april 2013, So whether interest on NSC would be taxable in FY 2013-14 or the same would be taxable from FY 2014-15. And when is the interest accrued to assessee.
Regards
Saurabh
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Nsc interest taxation
Replies (5)
intt. accrued on nsc is first added to your total income and then allowed as deduction under 80C.
Interest on NSC is taxable as interest is not paid to the account holder but reinvested in NSC. As the interest is reinvested in NSC , we can claim it as a deduction U/s 80C.
Thanks, but want to ask whether the interest on NSC is due on 31st march 2014(So as to be taxable in 2013-14) or it would get due on 21st april 2014(So as to be taxable in 2014-15).
i think post office will accrue intt on 21st april, but for accounting you can account for intt accrued till 31st march.
You need to include the interest upto 31st march 2014 in FY 13-14.
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