Financial year for Insurance maturity amount reporting

Sonam S (4 Points)

30 March 2024  

If an insurance maturity date is 31 mar 2024 but the amount was received on 1 apr 2024, then in which Financial year the maturity amount should be reported as income on ITR? Is it Financial year 2023-2024 based on maturity date OR Financial year 2024-2025 based on amount received date. Thanks in advance.