I HAVE INVESTED RS. 50,000/- IN NSC ON 17/3/2012 FOR 5 YEARS AND RS.25000/- IN TAX SAVER BANK FD OF 9% ON 28/03/2013 FOR 5 YEARS. SHOULD I SHOW THE INTREST IN INCOME FROM OTHER SOURCES AND DEDUCTION U/S 80C IN INCOME TAX RETURN FOR FINANCIAL YEAR 2012-13? HOW MUCH AMOUNT SHOULD I SHOW?
1 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 July 2013
Both, investment in NSC and FD of 5 years is eligible for deductions from gross income u/s 80C.
The interest received from FD credited to your account can be shown as income from other sources. You will need to ask for interest statement/certificate from the bank to know the interest received. Also check the TDS deduction on the same and claim in your ITR.
The interest received from NSC is reinvested in NSC and therefore, the reinvested portion can be availed as deduction u/s 80C. There is no TDS deduction in NSC and so the interest amount on maturity will be taxable as income from other sources.
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