Annual Information Statement is a form that is now available on the income tax portal. Annual Information Statement (AIS) displays all the digital financial and tax related information/ transactions available with the income tax department. Such digital financial and tax related information is grabbed from various different sources, with regard to the taxpayers.
AIS is divided into two parts. Part A contains general information, whereas, Part B contains all the financial and tax related information.
In the present article, we are covering information source and AIS processing for ‘Income from Savings Bank’.
The only source of information under the information category of ‘Income from Savings Bank’ is SFT-016. Any interest paid or credited or accrued on the savings bank account is reported under Statement of Financial Transactions (i.e., SFT-016).
On the basis of the information gathered from SFT-016, AIS processing of the ‘Income from Savings Bank’ account will be done. Accordingly, as per AIS processing, such interest earned will be shown as taxable in the hands of the account holder.