Online edition of India's National Newspaper
Monday, Jul 30, 2007
ePaper
Online edition of India's National Newspaper Monday, Jul 30, 2007 ePaper |
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I have two accounts under National Saving Schemes. One started in 1987 and another one in 1992. There are balances in both the accounts. I would like to close them. What is the tax treatment of the amount of the prin cipal and the interest to be received on such closure. National Savings Scheme, 1987, was covered by Sec. 80CCB, which allowed the contribution as deduction from taxable income subject to the amount of both principal and interest being taxable on withdrawal. This scheme was closed with effect from April 1, 1992. National Savings Scheme, 1992, allows deduction for the contribution made for this purpose under Sec. 80C subject to the ceiling under Sec. 80C with interest income being taxable, while the principal amount on return will not be so taxable. Interest under this scheme can be offered either on accrual basis from year to year or on cash basis in the year of withdrawal.
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ePaper |
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
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