How is interest income from KVPs taxed?2 min read 06 Nov 2022, 09:50 PM IST
Section 145 of the Income-tax Act, 1961 provides for taxation of income from other sources (like interest) in accordance with either cash or mercantile system of accounting regularly employed by the assessee
I bought Kisan Vikas Patra (KVP) worth ₹20 lakh a few years ago. Since its interest is payable on maturity and there is no TDS deduction every year or on maturity. I have been mentioning accrued interest every year in my ITR and paying tax on it, but at the time of maturity when total interest will be shown in my AIS and/or in 26AS, how will I mention that I have already paid the tax on KVP interest in the previous years?
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