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.
Ans: You can show income from other sources on cash system accounting. However, you have to all income under other sources as per cash system and once stand is taken, you have to offer income from other sources as per cash system in future also.