Nsc interest

rishabhsharma (Article Assistant) (140 Points)

29 July 2019

Hello All,

A person has invested Rs. 1,00,000 in NSC on 12/03/2018.

For AY 2019-20, which period interest will be considered in ITR?

and which period will be considered as 1st year of NSC?

Thanks

Reply
Follow
Share

3 Replies

CA PREM KUMAR (Chunduru & Co) (296 Points)
Replied 29 July 2019

for ay 2019 - 20 - interest related to 01.04.2018 to 31.03.2019 will be considered in ITR.

year notifies from the date of deposit. first year means 12.03.2018 to 11.03.2019

regards

prem

rishabhsharma (Article Assistant) (140 Points)
Replied 29 July 2019

Originally posted by : CA PREM KUMAR CH 9884343669
	for ay 2019 - 20 - interest related to 01.04.2018 to 31.03.2019 will be considered in ITR. year notifies from the date of deposit. first year means 12.03.2018 to 11.03.2019 regards prem

is it correct to say that 1st year NSC interest will be taxable in AY 2019-20.

and 2nd year interest will be taxable in AY 2020-21.

CA PREM KUMAR (Chunduru & Co) (296 Points)
Replied 29 July 2019

accrued interest will be shown income and claim exemption under 80c and shows under taxable after completion 5 or 10 year

1 Like

Start a New Discussion