The key information sources under this information category are as under:
S.No | Information Source | Information Description |
1 | Interest on Income Tax Refund | Interest received on Income Tax Refund in the financial year is liable to be taxed as Income from other sources. |
The approach for AIS processing and information handling is as under:
Income Tax department issues refund along with applicable interest amount. Interest earned on such refund is taxable as income from other source.
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
In case where interest on refund is displayed as 0 in AIS/TIS, but the interest was paid along with refund, taxpayer can update the interest value through AIS feedback based on actual interest received.
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Interest from income tax refund 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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