I have only filed taxes since past 2 years as I did not have any income before that. I have some KVP maturing this year. The principal was invested by my father and he passed away 3 years back. How shall I file the taxes on the KVP that matures? Shall I pay simply pay the tax on the interest according to the slab (as no yearly tax was paid on them)?
My issue is that I am scared of the income tax department and I do not have information regarding the source of principal amount (I was only a school kid when the KVP were bought) and I do not want to be harassed by the IT dept. Some KVPs are in my name and some were in my father's name in which I am a nominee. Please advise what shall I do.
CAclubindia
