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KVP Maturity Income

This query is : Resolved 
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(Querist)
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 ??
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
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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Javed Memon

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Javed Memon (Querist)
10 July 2024 But Sir, it didn't declared accrual basis every year . Now what's the solution?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 July 2024 In that case you will be required to declare it totally in final year.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
25 August 2024 You are welcome.
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