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Nsc

876 views 4 replies

Trainee

Accounts Executive

325 Points Joined February 2014

I had purchased nsc on 15.06.2013. so how nsc and interest from the same will treated in itr??

Replies (4)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

accrued intt on nsc will be shown under income from other sources.. and then amt invested in nsc as well as accrued intt together will be allowed as deduction under 80C.

Mihir

Wealth Manager

5293 Points Joined December 2008

Investment in NSC is eligible for deduction u/s 80C.

Interest received is taxable under income from other sources, and is reinvested in the same, and is again part of 80C.

CA D.C. Bansal

Accounts Head

283 Points Joined November 2007

In my opinion, you have option to disclose the interest either on receipt or accrued basis. If you opt to disclose the interest on accrued basis, you may claim the same as deduction u/s 80C. Accrued interest applicable for the first year is @ 8.68.

Guest

Investment in NSC is eligible for deduction u/s 80C. Interest received is taxable under income from other sources, and is reinvested in the same, and is again part of 80C.