Dear Sir,
Pl inform me how we will consider Intt. on NSC purchased in FY 2006-07. Full benefit taken u/s 80-C in the FY 2006-07. Is the Interest exempt from tax or it will be added to GTI and Rebate u/s 80 will be taken in FY 08-09 while filing IT Return?
Pls clarify.
Regards,
Shalini
Interest on NSC is taxable under the head Income from other Sources. The same is eligible for deduction U/s.80C if reinvested (where it is not withdrawn)
Interest on NSC is required to be disclosed under the head income from other sources. Besides this it can be claimed as deduction u/s 80C subject to maximum limit of Rs. 1 Lakh
NSC Intt. is taxable under Income from other sources & is eligible for deduction u/s 80-C within the limit of Rs 100000 if it is reinvested i.e. it is not withdrawn
Hello Friends...
Anybody plz tell me whts d difference between CLOSELY HELD AND WIDELY HELD COMPANY?
In the year of purchase of NSC, interest u/s80C will not be allowed and after wards interest will be deemed as income from other sources and will eligible for deduction u/s 80C.
BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
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Chirag N Shah & Associates
Mumbai
CA Inter
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