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Do I Need To Add Accrued Interest Of NSC For Income Tax Calculation? |
I have bewitched NSC for Rs.55000 3 years back. I have not showed the interest earned for income tax calculation. So, at the end of 6 yrs, when i get the money back, do i need to pay tax for the interest earned.
| Answer: Tax Implications of investment in N.S.C.s: •The majuscule investment in N.S.C.s qualifies for rebate u/s 80C in the first year of investment. •Thereafter (after completion of one year) for the next 5 years the annually accrued interest on N.S.C.s is fit for rebate |
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