Amit Kumar Das (Retd) (236 Points)
24 June 2024If the SFT part of AIS does not show all information of FY 2023-24, what is to be done by an individual resident tax payer for paying income tax and efiling ITR ?
In the instant case, AIS is not showing saving bank interest paid by a particular bank to me.
Is AIS is still being updated, or it is due to non-reporting by that bank.
But, that bank has reported all information relating to FD interest paid and TDS and correctly reflected in AIS.
Please, advise.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 24 June 2024
If interest is below Rs. 10K, few banks do not report it.
You can aggregate the amount received as interest, and file ITR at this stage.
MPR Sanjay Kumar
(3118 Points)
Replied 24 June 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 24 June 2024
Equivalent to sales under head PGBP
Amit Kumar Das
(Retd)
(236 Points)
Replied 24 June 2024
Thank you for immediate reply which you always do.
I want clarification of the first portion of your reply that if the interest (savings bank) is below 10K few banks do report.
Do you mean total annual interest or amt of a single transaction ?
In my case, total annual interest paid by this bank is more than 10K which is the sum of four transactions all below 10K
10K mark was crossed in the third transaction on 06.11.2023
Should not the bank have reported for inclusion in AIS ?
However, I will include the amt of total interest while working out taxable income.
Amit Kumar Das
(Retd)
(236 Points)
Replied 24 June 2024
| Originally posted by : Dhirajlal Rambhia | ||
 |
If interest is below Rs. 10K, few banks do not report it. You can aggregate the amount received as interest, and file ITR at this stage. |
 |
Thank you for immediate reply which you always do.
I want clarification of the first portion of your reply that if the interest (savings bank) is below 10K few banks do report.
Do you mean total annual interest or amt of a single transaction ?
In my case, total annual interest paid by this bank is more than 10K which is the sum of four transactions all below 10K
10K mark was crossed in the third transaction on 06.11.2023
Should not the bank have reported for inclusion in AIS ?
However, I will include the amt of total interest while working out taxable income.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 24 June 2024
I meant it for total annual interest accrued plus paid.
It is strange how the bank has not reported till date. As a rule, they will surely report it. Get interest certificate from bank (can be even downloaded from their website), even get TDS certificate (form 16B), as quite likely that they would have deducted TDS over it.
Reconcile that with your data, and file return aggregating that in your ITR.
If you are filling it under old regime, you will get deduction under sec. 80TTB of amount up to Rs. 50K.
Good luck.....
CAclubindia
