Taxability of NSC
This query is : Resolved
26 January 2009
Are investments made in NSC for deduction u/s 80C taxable at the time receipt on maturity / redemption
26 January 2009
Principal is tax free. Interest is taxable.
26 January 2009
NO NOT TAXABLE. EVEN INTEREST AT MATURITY WILL NOT BE TAXABLE AS WE CONSIDER ACCUMULATED INTEREST ON YEAR TO YEAR BASIS & CLAIM IT AS REINVESTMENTS SO INT. RECD WILL BE ACCUMULATED EXCEPT INT FOR THE LAST YEAR OF MATURITY
26 January 2009
Can you kindly quote any reference / case law etc in this regard
26 January 2009
http://www.financialexpress.com/news/tax-on-nsc-interest-is-paid-on-accrual-basis/200242/1
Pl see the site and read the answer given therein for a similar question.
Pl see the site and read the answer given therein for a similar question.
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