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Samkit Maniar | Answer |Ask -Follow

Tax Expert - Answered on Feb 10, 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

Asked by Anonymous - Feb 10, 2024Hindi

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i pucrchase NSC IX (10 year tenure) in name of my mother amout of 4 lakh that is sum of past many year saving and my mother is housewife and no income to file itr ...so my question is at maturity of NSC IX (10 year tenure). whole interst is show in ais like 5.44lakh (only interest) so what action i take ?? can i need to pay tax on 5.44lakh or what to do ???

Ans: Depending upon age of your mother, you may need to understand the slab rates applicable to her.

Typically this is a cumulative interest of all years taken together.

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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i pucrchase NSC IX (10 year tenure) in name of my mother amout of 4 lakh that is sum of past many year saving and my mother is housewife and no income to file itr ...so my question is at maturity of NSC IX (10 year tenure). whole interst is show in ais like 5.44lakh (only interest) so what action i take ?? can i need to pay tax on 5.44lakh or what to do ???

Ans: Income from other sources (like interest income) can be offered to tax on accrual or cash system. Once the method of accounting is decided, it is advisable to follow the same every year.

In case you had offered interest income on accrual system in past and you have to offer the same in current year on accrual system. Accordingly, no tax on same income again on receipt 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

Ans: Since you have not declared interest on NSCs in your filed ITRs, you need to declare full interest of NSC (not of final year only) & pay Tax accordingly.
Most welcome for any further clarifications. 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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