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Samkit Maniar |173 Answers |Ask -Follow

Tax Expert - Answered on Jul 24, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by Isha on Jul 18, 2024Hindi

Money

Hi, I did NSC in 2021 and maturity is after 5 years i.e. 2026. But in FY 23-24 AIS, interest accrued of it is shown. Why do I see interest amount in AIS before maturity of NSC. Is it taxable before maturity?

Ans: Every year interest accumulates and you will need to show that income in your income tax returns every year and pay necessary taxes.

Please consult your CA before moving ahead.

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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Hi Mihir, Being in new tax regime, is it OK to pay tax on NSC interest on maturity/ en-cashment/ receipt ? or is it necessary to pay tax on NSC interest every year on accrual basis ? Last year I paid tax on NSC interest on maturity/ receipt. This year FY2023-2024, AIS shows NSC interest on accrual basis.

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I have not shown interest accrued on NSC in the past filed income tax returns.this year ais is showing maturity value and interest on NSC.Should I pay tax on whole amount or just final year interest.thanks

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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