N.s.c


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Querist : Anonymous

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Querist : Anonymous (Querist)
10 March 2014 Dear Sir in a proprietorship firm Purchase NSC Name of self. Then we can show in books for investment and get 87A rebate also..... if yes than why if no than why

Regards

Nitin Kumar
+919034777218

10 March 2014 1. Yes you can show NSC under investments.

2. Section 87A is applicable only to an INDIVIDUAL. It is NOT applicable to a partnership firm or other assessees.

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 March 2014 Yes Sir this is individual firm Prop. firm .
and can you tell me sir how they show in Balance Sheet in Investment and take applicable in 87 A in ITR

10 March 2014 1. Since it is a proprietorship firm, then it can avail benefit of Section 87A.

2. The benefit will be reduced from the tax liability. Thereafter EC & SHEC will be charged on the balance amount.

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Querist : Anonymous

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10 March 2014 Thanks for gud suggestion Sir

10 March 2014 You are welcome. You should use the thanks button to convey your thanks.


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