25 June 2023
AIS & TIS are showing more interest as paid by bank on deposits while in 26AS and form 16A are less; while AIS & TIS match each other and 26AS &16A (Traces) match each other.
As such it is difficult to ascertain actual interest paid/ accumulated by bank, other than relying on 16A (Traces) issued by the bank.
bank may account the differential amount (26AS to AIS) as accumulated interest as paid in subsequent year.
Kindly advise, Is it better to adhere to 16A (Traces)/ 26AS than on AIS/TIS (interest paid ? or interest accumulated??) for interest paid by bank,for filing Current year IT return?
25 June 2023
Tax calculation should be based on aggregate income accrued as well as paid for the relevant assessment year. Check the interest certificate issued by bank.
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