KVP Maturity Income
This query is : Resolved
09 July 2024
My Client invested in KVP Amount Something 9 Lkah Rs (Kisan Vikas Patra ) Kvp Matured in 2023-24
Maturity amount is KVP 18 Lakh Rs. 9 Lakh Rs. Interest Shown in AIS
My question is Interest Received 9 Lakh rs. is for 9 Years . if i show this interest income as per AIS in ITR . Client have to Pay Huge Tax in 2024-25 Return .
So how to Show this Interest income in A.Y. 2024-25 ??
Maturity amount is KVP 18 Lakh Rs. 9 Lakh Rs. Interest Shown in AIS
My question is Interest Received 9 Lakh rs. is for 9 Years . if i show this interest income as per AIS in ITR . Client have to Pay Huge Tax in 2024-25 Return .
So how to Show this Interest income in A.Y. 2024-25 ??
09 July 2024
The interest is to be declared on accrual basis every year. So, if the interest was declared proportionately in preceding years, declare only final year's interest in current year.
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10 July 2024
But Sir, it didn't declared accrual basis every year . Now what's the solution?
10 July 2024
In that case you will be required to declare it totally in final year.
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25 August 2024
You are welcome.
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