sachin v (abc) (82 Points)
25 June 2009Dear 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
RAJU
(LEARNER)
(1089 Points)
Replied 25 June 2009
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 The same is eligible for deduction U/s.80C if reinvested (where it is not withdrawn)
CA. Rashi Goyal
(Chartered Accountant)
(512 Points)
Replied 25 June 2009
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
NiTiN JAiN
(TAX CONSULTANT & CA FINAL STUDENT)
(155 Points)
Replied 25 June 2009
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other sources & is eligible for deduction u/s 80-C within the limit of Rs 100000 if it is reinvested i.e. it is not withdrawn
amit
(student)
(291 Points)
Replied 26 June 2009
Hello Friends...
Anybody plz tell me whts d difference between CLOSELY HELD AND WIDELY HELD COMPANY?
MAHENDRA KUMAR BAGRECHA
(FCA)
(1402 Points)
Replied 26 June 2009
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.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
