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NSC accrued interest

21 January 2021

I had invested in NSC series 8 during FY 19-20.
I understand that the interest accrued during FY 2020-21 is eligible for deduction under 80C in subsequent years. If so, where can I know how much is the accrued interest amount.
Please clarify.

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8 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 21 January 2021

Total deduction of 80C is maximum upto 150000 rupees

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Leena Raghuvanshi (106 Points)
Replied 22 January 2021

Hello Suresh G S,
The interest rate for series 8 in FY 2019 - 2020 is approx 7.9%. You can calculate accordingly. Also if you want to check your self, kindly visit official website of Income Tax Department, and go to tax tools, there you can find Interest on National Savings Certificate Calculator. Fill in the details and you have your desired results.
Thanks and Regards,
RA.

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Kapadia Pravin (17259 Points)
Replied 22 January 2021

NSC accrued interest for NSC of 10000/-

first year. 790
second. 852
third. 920
fourth. 992
fifth 1071

Suresh G S (43 Points)
Replied 22 January 2021

Hi Sourav, Leena and Pravin.
Thank you for your replies. Regards. Suresh

anil jain (Partner) (1072 Points)
Replied 22 January 2021

You can google for it.

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Suresh G S (43 Points)
Replied 22 January 2021

Thank you Sir

Krishna Chaudhary (Accountant) (4531 Points)
Replied 23 January 2021

Interest received by NSE should not be allowed as deduction it will be allowed as exemptions

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 24 January 2021

Rates are mentioned by Income tax according to Date of investment.

Check out at official portal of Income Tax
https://www.incometaxindia.gov.in/Pages/tools/interest-on-national-savings-certificate.aspx

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