Kisan Vikas Patra (KVP) Interest correction in AIS and ITR

Tax queries 1167 views 10 replies

Hello respected all,
I have bought KVP (Kisan Vikas Patra) worth 5 Lacs Rs on 15th Nov 2015, which matured on 15th Marc 2024(100 months tenure to double). Now my AIS is showing 5 lacs as interest from deposite from post office, but I have already shown accruded interest in respective preivious years while filing ITR. So what should i do to correct the mismatch.
1) Should file response to AIS compliance site, by the option (INFORMATION IS NOT FULLY CORRECT) and only accept accruded interest for FY 23-24. And then file ITR?

2) Should I file ITR with my arrudal interest calculation neglactive AIS amount? (Which I think will surely invite notice from income tax department)

3) any other way , any one can suggest.

Tanking you in advance.

Replies (10)

Option first is tenable.

Thank you very much sir for your reply. I have filed feedback on AIS compliance site, accepting this year accrual interest. Waiting for the reply.  Will revert back if need arise. Thank you very much again.

You are welcome.           

Respected Sir,

Above mentioned feedback was forwarded to POSTMASTER GENERAL, Chennai Brach by IT Department. And POSTMASTER gave feedback that "ASSESSE FEEDBACK IS INCORRECT". Now what should I do?

Yes, that is the drawback.

You file Grievance on IT portal that the interest shown in AIS report is aggregate of five years interest, while taxable portion should have been declared in relevant assessment year.

After that you may file ITR with current year's interest earned.

This problem is with all the assesses , so ITD will take care of that.

In which subcategory should i file it? Will it serve the purpose?

PO Interest is declared under Income from Other Sources... Column 1(bii)....

Respected Sir,

I was asking that "Under which category I should file greiveince in IT compliance portal? Will it serve the purpose of reporting?

Under category   0 CPC-TDS

Dear Sir and Mr. Manas,


I am facing the same issue. My 10 year KVP interest is fully shown in FY 2023-24.

I have also raised the feedback in AIS but selected the option of "

Have u raised the grivenace, what is the situation, which option did u choose for raising grievance? There is no option for AIS?

Do we have to fill ITR return with our own interest calculation rather than AIS one?

Anyone CA, can you please comment.

For more discussion, can we (Mr. Manas) please connect over email pramiz @ gmail.com?

Regards,

 


CCI Pro

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