Taxable income

240 views
User Avatar

56 Points Posted on 20 June 2020
is NSC interest MIS interest taxable
0 Reply Share Follow
On 20 June 2020 at 01:32 Report
Replies (3)
Quick Summary
This discussion clarifies the taxability of interest earned from National Savings Certificates (NSC) and Monthly Income Schemes (MIS). While both are taxable, NSC interest can be reinvested and claimed under Section 80C deductions, except for the final year's payout. MIS interest is also taxable and needs to be declared in your Income Tax Return (ITR).

User Avatar

CFO- at NHTF
58280 Points Posted on 20 June 2020
You need to show in the ITR but those are exempt
1 Reply
On 20 June 2020 at 07:30
User Avatar

56 Points Posted on 20 June 2020
Thanks
Reply
On 20 June 2020 at 12:11
User Avatar

Chartered Accountant
821 Points Posted on 21 June 2020
MIS & NSC interest both are taxable.

However, in case of NSC as it is a cumulative scheme, interest is reinvested and hence eligible for 80C deduction. Only final year's interest payout is not eligible for 80C as it is paid out to the investor
Reply
On 21 June 2020 at 19:16

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST Reconciliation Tool (2A vs Books) - looking fo
  2. TDS ON PF FORM 19 WITHDRAWAL
  3. Can a virtual office in Mumbai be used for company
  4. Eway and e invoicing in condition where 4 party ar
  5. Bank balance in ITR-3
  6. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  7. Tempsens Instruments IPO GMP Allotment Listing dat
  8. Upload Type - Correction. Not showing in TDS filli
  9. Partnership tax audit query
  10. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V

More recent discussions | Post

Related Topics :

Loading