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NSC Interest accural

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(Querist)
14 July 2008 Do i have to pay Income tax for NSC interest acuring every year or can i claim the rebate under section 80c
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
14 July 2008 NSC intt accrued forms part of Gross Total Income and is to be considered on yearly basis. However, the same is also elegible for deduction u/s 80C except the last year when it matures.
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K V Subba Rao

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K V Subba Rao (Expert)
14 July 2008 Sri Ahuja's answer is correct. Please refer Para 107.1.2c of 31st edition of Singhania's Direct Taxes Ready Reckoner for full details
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