Calculation of interest on NSC

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Neelam Soneja (Querist)
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20 June 2011 please help me,

hw to claculate interest on NSC ??
Interest rates given 4 6yrs to b applied on closing balance or on invesment ??

eg: amt invested RS 1000 in NSC.
interest calculated on RS 1000 @ 8.16%
=81.60
nw in 2nd yr interest to b calculated on 1000 r 1081.60??

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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20 June 2011 PL SEE THE TABLE GIVEN IN ALL BOOKS ON TAXATION
FOR SECOND YEAR RATE OF INTT IS 8.83
IN THIS CASE INTT AMT WILL COME TO 88.30

CA MANOJ GUPTA
JODHPUR
09828510543

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Neelam Soneja

Neelam Soneja (Querist)
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21 June 2011 Thank You sir,..
cn i contact u on ur no., for any further query???

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