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Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2010 tax liabilty of an assessee receiving an amount of money on maturity of NSS after taking reduction under sect 80c??

CA Navin Jain (Expert)
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27 October 2010 Interest amout is taxable. if u have pay tax on accural basis than deduction of sec 80c be allowed in respect of interest

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Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2010 wat about the principal recieved back?

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2010 wat do u mean by accrual basis exactly?

CMA Ramesh Krishnan (Expert)
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27 October 2010 Principal amount not taxable, Accural means the interest related to 2009-10 is taxable in 2009-10

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