The key information sources under this information category are as under:
S.No | Information Source | Information Description |
1 | Interest income (SFT-016) – Term Deposit | Interest paid/credited/accrued on Term Deposit is reported under Statement of Financial Transactions (SFT). |
2 | Interest income(SFT-016) – Recurring Deposit | Interest paid/credited/accrued on Recurring Deposit is reported under Statement of Financial Transactions (SFT). |
3 | Interest other than“Interest on Securities” received (Section 194A) | Bank/deductor at the time paying/crediting interest on deposits is liable to deduct tax from deposit holder paid subject to the threshold applicable in the act. This information is reported by the Bank/deductor in form 26Q (quarterly statement). This information is provided by the deductor to the deductee (taxpayer) in Form 16A. |
The approach for AIS processing and information handling is as under:
Reporting Entity reports the Interest paid/credited/accrued on Term Deposit and recurring deposit held by a deposit account holder under SFT code 016 as well as through TDS from 26Q. Interest earned on term/recurring deposit is taxable in the hands of deposit holder.
Interest on Deposit will be listed on the basis of PAN of reporting person, Source (Reporting Entity) and value of interest paid/credited/accrued.
For each reporting entity, higher of interest on deposit (both term and recurring ) reported under SFT-016 and amount reported by deductor u/s 194A will be retained and information source with lower value will be marked as duplicate.
The AIS information level feedback can be used for providing following inputs:
Information is correct
Income is not taxable
Information is not fully correct: This functionality can be used to modify key attributes (e.g. Account Number,Account Type in case of interest), Information value etc.
Information relates to other PAN/Year
Information is duplicate/included in other information
Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Interest from all sources after deduplication will be reflected in Taxpayer Information Summary (TIS).and shall be shown under the corresponding field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.
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