c

Annual Information Statement (i.e., AIS) and Taxpayer Information Summary (i.e., TIS) are the two new facilities made available by the Income Tax department to the taxpayers. In the present article, we will understand the Information category ‘Interest from deposit’ under the Annual Information Statement.

Different sources of information for ‘Interest from deposit’ under AIS-

The details of ‘interest from deposit’ will be figured-out under AIS from different sources like-

Different interest Corresponding Source of information
Interest income from Term Deposit Interest paid or credited or accrued on Term Deposit is reported under Statement of Financial Transactions (i.e., SFT-016)
Interest income from Recurring Deposit Interest paid or credited or accrued on Recurring Deposit is reported under Statement of Financial Transactions (i.e., SFT-016)
Interest income other than interest on securities Bank/ payer at the time of paying/ crediting interest on deposits is liable to deduct TDS as per provisions of section 194A. Such deducted TDS is to be reported by the banks/ payers via TDS return in Form 26Q on a quarterly basis.

Processing of AIS regarding ‘Interest from deposit’-

The AIS processing of the information received under the category ‘Interest from deposit’ will be carried out in the following manner-

Annual Information Statement – Interest from deposit

Particulars AIS processing
Source Treatment
In the case of deposit holder Reporting entity reports the interest paid/ credited/ accrued on term and recurring deposit under-

  • SFT-016; and
  • TDS return in Form 26Q
Interest earned on term deposit and/ or recurring deposit is taxable in the hands of the deposit holder.

Accordingly, the same will be reflected in AIS on the basis of the PAN of the reporting entity; source and value of interest paid/ credited/ accrued.

In the case of reporting entity Interest reported under Statement of Financial Transactions (SFT-016) and the amount reported under section 194A while filing TDS return in Form 26Q Higher of the following amounts will be retained-

  • Interest on term deposit and recurring deposit reported under SFT-016; and
  • Amount of interest reported under section 194A.
Lower of the following amounts will be marked as ‘Information is duplicate/ included in other information’-

  • Interest on term deposit and recurring deposit reported under SFT-016; and
  • Amount of interest reported under section 194A.

Author Bio

Qualification: CA in Job / Business
Company: Taxguru Consultancy / Taxguru Edu
Location: Mumbai, Maharashtra, India
Member Since: 27 Feb 2017 | Total Posts: 971
A Blogger by Passion and a Chartered Accountant by Profession. View Full Profile

My Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Telegram

taxguru on telegram TELEGRAM GROUP LINK

More Under Income Tax

One Comment

  1. V Thiruvengadam says:

    In my AIS statement the interest earned from Senior citizen saving scheme which is a 5 year term deposit
    is shown under interest earned from saving bank account
    which is not correct.
    In the interest earned from term deposit category this interest income from senior citizen saving is already included .Can I proceed filing the return as per 26AS which show the interest paid for both Senior citizen saving scheme and term deposit together.
    AIS home page does not open to give feed back.
    Kindly guide how to proceed.
    Thanks.

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

January 2022
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31