I have query regarding Nsc Tax implications. ( New Tax regime ) 1. Suppose i purchased NSC in Jan 23 , So how to calculate accrued interest ? A) will it be from Jan 23 to Mar 23 .and show that in AY 23-24 . B) Do I need to show entire 1st year accured interest (From Jan 23 to Jan 24)... in AY 23-24 C) To show 1st year accrued interest (Jan 23 to Jan 24 ) in AY 24-25 . Which is correct way to report Nsc interest ? Also will there be any issue if I File ITR in New tax regime and show Interest in Income from other souces , since now I can't choose old tax regime .
sir reporting of income should be financial year wise so you should report your income as per option (A) jan to mar 23 further tax regime does not matter you can show it under income from other source under new tax regime.
@@TaxSmooth Could you tell me how to calculate Nsc interest , if Nsc purchase Date is Jan 26 , For 1 lakh At 7% , 1st year interest is 7000 rs . so how to calculate interest from Jan 26 to march 31 . since post office gives interest certificate year wise interest accured and not month wise . I had not filed my itr bcoz my income was below taxable limit , but now I want to report Nsc interest
@@TaxSmoothAlso want to know like banks report FD interest in Ais yearly So incase Post office , do they report yearly interest of Nsc or at maturity of Nsc Account ? I heard from people saying that from this Assessement year they are reporting it on yearly accrued interest basis . earlier they used to report it Maturity .
Feedback..you missed 80ccd 2 which is employer contribution to nps .new tax regime i can get benifit up to 14% of my basic ...old its 10% Please add in excel then game will change
thanks for your feedback sir... i had already given this calculation in sheet for self calculation of taxpayers and during video also i mention about this section but yes you are right not included this while explaining my calculation.
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I have query regarding Nsc Tax implications. ( New Tax regime )
1. Suppose i purchased NSC in Jan 23 , So how to calculate accrued interest ?
A) will it be from Jan 23 to Mar 23 .and show that in AY 23-24 .
B) Do I need to show entire 1st year accured interest (From Jan 23 to Jan 24)... in AY 23-24
C) To show 1st year accrued interest (Jan 23 to Jan 24 ) in AY 24-25 .
Which is correct way to report Nsc interest ? Also will there be any issue if I File ITR in New tax regime and show Interest in Income from other souces , since now I can't choose old tax regime .
sir reporting of income should be financial year wise so you should report your income as per option (A) jan to mar 23 further tax regime does not matter you can show it under income from other source under new tax regime.
@@TaxSmooth Could you tell me how to calculate Nsc interest ,
if Nsc purchase Date is Jan 26 , For 1 lakh At 7% , 1st year interest is 7000 rs . so how to calculate interest from Jan 26 to march 31 .
since post office gives interest certificate year wise interest accured and not month wise .
I had not filed my itr bcoz my income was below taxable limit , but now I want to report Nsc interest
@@TaxSmoothAlso want to know like banks report FD interest in Ais yearly
So incase Post office , do they report yearly interest of Nsc or at maturity of Nsc Account ?
I heard from people saying that from this Assessement year they are reporting it on yearly accrued interest basis .
earlier they used to report it Maturity .
Feedback..you missed 80ccd 2 which is employer contribution to nps .new tax regime i can get benifit up to 14% of my basic ...old its 10%
Please add in excel then game will change
thanks for your feedback sir... i had already given this calculation in sheet for self calculation of taxpayers and during video also i mention about this section but yes you are right not included this while explaining my calculation.