Annual Information Statement (AIS) – Interest or dividend or other sums payable to the government

With a view to promote transparency and simplify the return filing process, the income tax department, recently, amended Form 26AS. This amended Form 26AS is named as ‘Annual Information Statement’.

Along with ‘Annual Information Statement’, the taxpayer will also be provided with ‘Taxpayer Information Summary’. Basically, ‘Taxpayer Information Summary’ is a summarized form of information reflected under ‘Annual Information Statement’.

Out of the total 50 information categories, the Annual Information Statement also contains information about ‘interest or dividend or other sums payable to government’. The present article explains the source of information as well as the processing of the said information category.

Source of information under AIS information category ‘Interest or dividend or other sums payable to government’-

As per provisions of section 196 of the Income Tax Act, TDS is not deductible by the person making payment of interest or dividend or other such sums to the government. Since the TDS is not deductible, the payer is also not mandatorily required to furnish the TDS statement/ return in Form 26Q.

However, if the payer voluntarily provides the details via Form 26Q, then, the same will be taken as a source of information under the said information category.

AIS processing of the information category ‘Interest or dividend or other sums payable to government’-

As stated above, if the payer furnishes the details of the income/ sum paid to the government, then, information so received will be processed under AIS in the following manner-

1. Income earned will be taxable in the hands of the recipient; and

2. Such income will be reflected under the taxable head ‘Income from other sources’.

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