banner_ad

Interest on kisan vikas patra

This query is : Resolved 
Profile Image

Profile Image

(Querist)
13 December 2012 Failure to declare interest on accrual basis on Kisan Vikas Patra in IT Return for first 4 years due to ignorance but including interest thereafter on accrual basis.What happens if previous omission gets detected?Is it proper to include total interest earned in the year of maturity in computation of income if not done earlier and pay tax thereon.
Kindly reply.
Profile Image

MEHUL SHAH

Profile Image

MEHUL SHAH (Expert)
14 December 2012 It is recommended to include Total interest of first four years in the year of maturity.

That shall help you to save yourself/ client from penalty u/s 271(1)(c) on the ground that ommission was not purposeful.

I represented the case in ITAT Tribunal in one of my clients case and he was saved from Penalty of around Rs 1,00,000/- on the ground that though he has violated Circular 687 which says that income from KVP should be calculated on Accrual basis however as he has paid it on Cash basis, so he has not Concealed his income and hence no penalty is leviable.

For more details , mail me at mehul@raseshca.com
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
04 May 2026
Articleship

S.K Gairola & CO

New Delhi

B.Com

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details