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Whether NS products enjoy the benefit of tax concession under Income Tax Act ?

April 26, 2017ACT benefit concession enjoy NS products tax

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Whether NS products enjoy the benefit of tax concession under Income Tax Act ?

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Ans : The deposit in PPF, N.S.C. VIII Issue enjoy the benefit of tax concession under I.T.Act. The deposits in PPF qualify for deduction upto maximum of Rs.70,000/- and deposits in NSC VIII Issue upto Rs.1,00,000/- under Section 80 C of Income Tax Act. The interest accrued in NSC VIII Issue for 5 years also enjoy the benefit of Sec. 80 C of I.T.Act. The interest on PPF and POSA is tax free as per the tax provisions under Sec.10 of I.T. Act. PRODUCTS BASED FAQs P.O.S.A.