srinivass (CA Final) (2466 Points)
22 June 2011HI ,,
ONE PERSON HAVING NSC INVESTMENT WORTH OF 450000
SUPPOUSE HE HAS A INCOME BY WAY OF NSC INTEREST FROM LAST 4 YEARS HE DIDNT SHOWN THIS INTEREST IN HIS PREVIOUS 4YEARS.
MY QUESTION IS
1)WHETHER HE CAN SHOW TOTAL 4 YEARS INTEREST IN THIS FINANCIAL YEAR OR NOT ?
2) WHETHER HE HAS TO SHOW TOTAL INTEREST AFTER MATURITY ?
CA. Roopali Kadam
(Jobs on assignment basis.)
(1453 Points)
Replied 22 June 2011
we have to show accrued nsc interest in each f.y
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 22 June 2011
YES INTEREST WILL BE TAXABLE ON YEARLY BASIS
Balaji
(Knowledge Seeker)
(317 Points)
Replied 25 June 2011
Ideally the interest has to be accrued on an yearly basis but since it has not been done,the person could account for the same on maturity.That is,the entire accumulated interest can be offered for taxation in the year of maturity.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 26 June 2011
| Originally posted by : Balaji | ||
 |
Ideally the interest has to be accrued on an yearly basis but since it has not been done,the person could account for the same on maturity.That is,the entire accumulated interest can be offered for taxation in the year of maturity. |
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