thethinker (Individual) (34 Points)
20 June 2023I have invested in the Post Office Scheme of Kisan Vikas Patra and NSC with a maturity of 10 years and 5 years, respectively. T
My CA says that I have to pay tax yearly on accrued interest as it gets reflected automatically in portal (something like that) I want to avoid that as I'm in higher slabs.
I want to pay tax on maturity after 5 and 10 years.
Is this possible, and what is the way to do that?
Mahesh Shah
(2308 Points)
Replied 20 June 2023
thethinker
(Individual)
(34 Points)
Replied 21 June 2023
When I checked my AIS form, I see that the details of my Post Office Savings Account & Time Deposit were there. But KVP and NSC-related details were not present.
In such a case, can I pay tax on the total interest of KVP and NSC whenever the policy matures?
Is there a rule where we have to pay tax for KVP on accrual basis and NSC on maturity?
Pritam
(Senior Manager)
(24 Points)
Replied 23 July 2024
Dear Sir ,
I had a KVP which got matured in 2023-24 and I received 2 lakhs interest in approx. 10 years. I have always reported accrued interest while filing all previous ITRs.
I have also raised the feedback in AIS but selected the option of "Information relates to other PAN/ Year" and included KVP interest for each FY starting from 2016-17 to 2023-24. However, they rejected the feedback "POSTMASTER gave feedback that "ASSESSE FEEDBACK IS INCORRECT"
In this situation, what i should do?
Has anyone gone through this process
Kindly contact pramiz @ gmail.com
CAclubindia
