Weather amount (principle + interest) received on maturity of National Saving Certificate, VIII issue is taxable in the year of receipt or not?
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Weather amount received on Maturity of NSC is taxable ???
Replies (1)
Interest is taxable as and when it accrues and principal on refund is exempt from taxation.
We have to calculate interest during every year and have to pay tax on it. As the amount is reinvested we get deduction U/s 80C for the same.
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