2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mumbai
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Delhi
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Nagpur
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Chennai
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Detailed explanation-1: -Investment in these bonds can be done in cash (up to Rs. 20, 000) or through Demand draft, cheques, or an electronic mode as acceptable by the Receiving Office. The application for these bonds can be received in the Bond Ledger account at the designated branches of the following banks, SBI.
Detailed explanation-2: -Income Tax - 7.75% six-year bonds shall be taxable under the Income Tax Act of 1961 and in accordance to the relevant taxation income level of the bondholder. 2. Wealth Tax - The bond shall be exempt from wealth tax, in accordance with the Wealth Tax Act of 1957.
Detailed explanation-3: -The rate of interest on NSC has been revised to 7.00% for the fourth quarter of FY 2022-23, in terms of GoI notification F.No. 1/4/2019 – NS dated December 30, 2022.
Detailed explanation-4: -The Bonds are issued for a minimum amount of Rs. 1000/- (face value) and in multiples thereof.