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E-Compliance - AIS - Interest from savings bank

mahen (Manager) (43 Points)

02 April 2022

Recently received SMS alert from IT dept, for performing e-compliance on AIS portal for FY20-21.

As seen in the attachment, IT dept have calculated the saving interest for all 4 quarters and ask to confirm total of 6326. I have query here, Q4 interest was credited in my account on 1st April 2021. Should I actually be considering that interest for my FY20-21 IT computation? Technical I believe it should be considered in FY21-22.

Please help in understanding so I would make decision on feedback type to submit on the AIS portal.

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8 Replies

mahen (Manager) (43 Points)
Replied 02 April 2022

Sorry for missing the attachment. Retrying attaching the snap in PDF format.

Please help with your response. Thanks

Attached File : 233993 20220402180323 sft bank interest.pdf downloaded: 145 times

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 02 April 2022

Ram K (NA) (216 Points)
Replied 03 April 2022

@ mahen

I am not a CA. So use your own discretion in following my comments.

First contact your bank, try to find out why they have done it that way. Ask this query to them, about FY. They might say contact ur CA. Still ask for their preliminary opinion. If bank records say int is credited on 1-Apr-21 then i guess it should fall in FY21-22. So question them first.

In response on AIS If this reflects as a single lumsum enrty then I guess you should state Partially correct and if that single entry is present therein as a individual line item, mention info belongs to other FY/PAN.

How it will be handled after selecting such responses, if system will throw more text boxes to ask you to provide clarification? I have no idea. If this ofum is unable to provide that clarity, I suggest you take service from a competant CA.

BTW..just wondering if this forum as some sort of reputation awarded to users based on how many posts they make??

1 Like

JJJ (Need help) (675 Points)
Replied 03 April 2022

That interest was earned for the period up to 31 March and rightly counts for Q4 interest.

Also, many banks do that. They calculate the previous quarter's interest on the first day of the next quarter and post it on the 1st (sometime with a comment of the period it's related to).

As for the AIS - it seems like yet another Infosys failure. In my own case, I've decided to ignore it and see what happens.

1 Like

mahen (Manager) (43 Points)
Replied 03 April 2022

Originally posted by : Ram K
	@ mahen I am not a CA. So use your own discretion in following my comments. First contact your bank, try to find out why they have done it that way. Ask this query to them, about FY. They might say contact ur CA. Still ask for their preliminary opinion. If bank records say int is credited on 1-Apr-21 then i guess it should fall in FY21-22. So question them first. In response on AIS If this reflects as a single lumsum enrty then I guess you should state Partially correct and if that single entry is present therein as a individual line item, mention info belongs to other FY/PAN. How it will be handled after selecting such responses, if system will throw more text boxes to ask you to provide clarification? I have no idea. If this ofum is unable to provide that clarity, I suggest you take service from a competant CA. BTW..just wondering if this forum as some sort of reputation awarded to users based on how many posts they make??

Thanks Ram for your response. Its a single entry in AIS. Actually I dont have any CA appointment till date in my last 15 year career(i file my itr myself).. but it seems like I would need one to advise and other services.. you or anyone can recommend someone located in Mumbai..

Regarding award or reward I might not be the right person, I myself been posting after almost 13 years in this forum..

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Ram K (NA) (216 Points)
Replied 03 April 2022

Generally what I do in such cases is ask my bank for a written savings & FD interest statement for the full FY. Whatever figure they report, that becomes basis for my calculations. After that it's a matter between bank & IT dept. I have solid proof of what bank's view is on the data.

There have been instances where there were discrepancies between what I reported in my ITR and what data IT Dept had for some previous FYs in old portal and they served me a notice. All I did was get the bank statement stamped and signed by bank and upload it in portal. But I guess such features have been removed from the newer systems.

I still can not laugh enough, my saving interest of miserable < 500 Rs all 4 Qs has been identified as high value transaction and I have been asked to provide response!.

The last comment about reputation on this site was actually never meant for you!!

1 Like

Samantha J (1236 Points)
Replied 03 April 2022

For savings bank interest just download bank statement for the year and take savings interest credited during the year.Do this for all savings account you have.