Annual Information Statement - Withdrawal of deposits under National Savings Scheme.[AIS Update-21]

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

S.No	Information Source	Information Description
1	Withdrawal of deposits under National Savings Scheme (Section 194EE)	Withdrawals from NSS are taxable. Tax is also deducted on such withdrawals and reported in Form 26Q by the payer on a quarterly basis.This information is provided by the deductor to the deductee (taxpayer) in Form16A.

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

1. Deductor while making payment to NSS certificate holder, on withdrawals made by such certificate holder, deducts TDS and reports the same in TDS form 26Q. Amount received on such withdrawals is taxable in the hands of recipient under the head income from other sources.

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. Withdrawal of deposits under National Savings Scheme will be reflected in Taxpayer Information Summary (TIS) and shall be shown in respective field in Schedule OS.

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