Annual Information Statement - Interest from Saving Bank. [AIS Update - 4]

The key information sources under this information category are as under:

S.No	Information	Description
1	Interest Income (SFT-016) -Savings	Interest paid/credited/accrued on saving account is reported under Statement of Financial Transactions (SFT).

The approach for AIS processing and information handling is as under:

1. Reporting Entity reports the Interest paid/credited/accrued on saving account held by an account holder under SFT code 016. Interest earned on savings account is taxable in the hands of account holder.

2. 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

1. The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).

2. Interest from Savings Bank will be reflected in Taxpayer Information Summary (TIS) and shall be shown under the corresponding field in Schedule OS.

3. All deductions and depreciation u/s 57 from other source income to be claimed in the return.