Interst on kvp (kisan vikas patra)

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2012 Income from other sources is taxable either on accrual or receipt basis. Following this principal can a portion of interest on kvp be taxed on accrual basis and balance on maturity (receipt basis)?
Eg period of 8 years 7 months is expiring in FY 2012-13. Can the accured interest upto 8 years be considered for FY 2011-12 and balance interest for 7 months be considered for FY 2012-13?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 January 2012 It is not advisable. Delay of 8 Successive
Asst Years will be borne by the department, but the mixed system will not be.
.
Wait till the maturity.

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