Interest is paid on the income tax refund as per provisions of section 244A of the Income Tax Act, 1961. The present article covers the reflection and processing of ‘interest from income tax refund’ in Annual Information Statement (AIS).
Information source and AIS processing of ‘interest from income tax refund’-
Any interest received on an income tax refund is liable to be taxed under the head ‘Income from other sources’.
On processing the information, the interest amount received on the income tax refund will be taxable/ reflected under the head ‘income from other sources’ in AIS.
In case, in spite of receipt of interest, if the interest from income tax refund is displayed as NIL ‘0’ in Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). Then, in such a case, the taxpayer is allowed to update the interest amount via AIS feedback based on actual interest received.
In my case, AIS of FY 2020-21, IT Refund for the year as 2010-11 is also shown. When I tried to give FEEDBACK as belonging to “DIFFENRET YEAR/PAN, the dropdown list shows years from 2016-17 only.
How do I comment that the data pertains to year 2010-11? My email address is [email protected]
My AIS shows the IT Refund of 2010-11 in this year. Unable to send Feed as belonging to different year/PAN because the dropdown list starts only from 2016-17 and no earlier years are shown