My Kisan Vikas Patra matured in F.Y. 2025-26. ITax website shows ALL the interest in F.Y. 25-26, jacking up my "Income from Other Source" , and thereby tax liabilities. After buying Vikas Patra, I have been adding accrued interest (Not realised) income to my "Income from Other Sources" , in my previous years ITR filings. How do I deal with this issue, while filing my F.Y. 25-26 ITR??
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Post office KVP income.
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To avoid paying tax twice on your KVP interest, do not declare the total maturity interest in your current ITR. Instead, calculate the interest that pertains specifically to the current financial year by subtracting the interest you have already declared in previous years from the total interest received at maturity. Report only this difference as "Income from Other Sources" and keep a detailed reconciliation statement as proof for your records.
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