Exemption
This query is : Resolved
24 January 2015
payment received from national saving certificate on its maturity date is exempt from tax but as per what section it is exempt????
25 January 2015
Interest on NSC is not exempt and is taxable under the head Income from Other Source.
Suppose you invested Rs 10000 in NSC and upon maturity you received Rs 12000/- then Rs 2000 is taxable.
Suppose you invested Rs 10000 in NSC and upon maturity you received Rs 12000/- then Rs 2000 is taxable.
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