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Mihir

Mihir Tanna  |1026 Answers  |Ask -

Tax Expert - Answered on Nov 22, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Vusuvandla Question by Vusuvandla on Sep 28, 2023Hindi
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Daer sir kindly clarify the tax liability of NSC purchased in 2018 and maturing now in 2023 for Rs.1000000.00 Rs.ten lakhs.maturing value isRs.1469328.00.secondly RBI bonds purchased in 2018 for Rs.1000000.00 matured now in 2023for Rs 1601000.00 less tds@10 percent Rs.60100 deducted and paid Rs.1540900 . Whether the cumulative interest is to be treated as capital gains and pay the tax. Or the interest is to be treated as interest on FD. Can you please clarify?. Thank you

Ans: Interest income is taxable as Income from other sources and not as capital gain. It can be offered to tax on receipt basis or on accrual basis. Once either of the method is adopted, it should not be changed in subsequent year.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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