Ashish Mathur (Student) (42 Points)
31 August 2011Please can anybody tell me about the taxablility of KVP and MIS..
I want to know that whether the matured amount that has been withdrawn is taxable or not..??
Dheeraj
(Learner)
(1100 Points)
Replied 31 August 2011
KVP & MIS income should be added every year (u/h other sources) on the basis of calculation of interest for the year.
This calculation is available in almost all the softwares used for e - filing income tax return & if it's not available then you can get the method to calculate interest on www.incometaxindiaefiling.gov.in
Furthur if the policy is matured in current year and interest amt was never shown before in other income then all the gaining amount will be taxable in current year (i.e Maturity Amount - Amount Invested)
Ashish Mathur
(Student)
(42 Points)
Replied 31 August 2011
Thanks for replying Dheeraj jee..Interest Amount has been added to the taxable income every year..
So, now the matured amount should not be added to the taxable income..?? Am I right..???
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 31 August 2011
Yes..!!
only the interest amount is to be added back to the income... and not the principal since the principal is just the basic amount of earning revenue....
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 01 September 2011
| Originally posted by : Karan Teli | ||
 |
Yes..!! only the interest amount is to be added back to the income... and not the principal since the principal is just the basic amount of earning revenue.... |
 |
AGREED
amit kumar
(accountant)
(21 Points)
Replied 28 November 2011
can we show the matured amount under the head of exempted income (if current years interest shown)
In case of filing the INCOME TAX RETURN FIRST TIME.??
OR
or Please guid me the treatment of KVP matured
CAclubindia
