CAN ANYONE EXPLAIN THE NATIONAL SAVINGS VIII ISSUE N TREATMENT OF INTEREST INCOME UNDER 80C DEDUCTION IN SIMPLEST WAY PLZ....
2 Replies
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 03 September 2010
CONTRIBUTION TO NSC VIII ISSUE IS FULLY EXEMPTED U/S 80 C AND INTEREST ACCRUED ON IT IS ALSO EXEMPTED BUT IN THE LAST YEAR IT IS TAXABLE.
Ajay Garg
(CA FINAL)
(101 Points)
Replied 03 September 2010
FIRSTLY ADD INCOME AS ACCRUED INTEREST ON NSC UNDER INCOME FROM OTHER SOURCES AND THEN TAKE DEDUCTIONS U/S 80C IN ALL YEARS EXCEPT INTEREST OF LAST YEARS.
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