10 March 2009
Dear members My question is regarding whether interest accured on 6yr NSC per annum should be included u/s 80c for claiming tax benefit..
10 March 2009
thanx sir, but i ve still some doubt.. suppose Mr X purchased in 2007-08 a NSC of rs 10000 for 6 yr.On certificate a consolidated amount rs 16101/-is written.Now, mr X said that while calulating his taxable income for 2008-09 the interest that is accrue to him after 1 year on NSC should be included in 80c .B'cz it is reinvested..but how can we know how much interest is accrue to him after 1 year b'cz on certificate 16101/-is written which vl b given after 6year..means what vl d procedure while calculating tax of mr X..
10 March 2009
Interest calculation method is available in rule 15(6) of the NSC (V111)issue rules 1989. For ready reference year wise interest amount is given in the Income tax ready reckoner.
11 March 2009
Thanx sir means the interest of 1st year will be included in 80c while calculating his salary income...as i have to calculate taxable salary income so plz tell me whether interest will be included in 80 c or not??
11 March 2009
Thanx sir one more doubt, interest rece on NSC is income from other sources , then as employer point of view it is our responsibility to include interest in his salary income or not? as we have to include his interest in 80 c as u have answered....
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