18 July 2018
I had opened a NSS 87 account in 1990 in which I had made 5 or 6 deposits,spread over 2-3 years, totaling 37,000./ .ONLY. I closed this account in Feb 2018. The total amount (including Principal of 37,000/ plus accumulated interests up to the fin year 2016-17 and the interest for the part fin year 2017-18 ( from 01/04/2017 up to date of closure in Feb 2018 ) worked out to be 3,70,000/. Post Office guys have deducted 10 % TDS ( Rs 37,000./) on the entire holding and gave me a cheque of Rs 3,,33,000/.. My query is : Is there any set off admissible for Rs 37,000/ contributed by me as principal. In other words ; do I show 3,70,000/ or only 3,33,000/ (Rs 3,70,000 - 37000/) as the income for this year.