ITR
Savings interest in AIS lower than my passbook
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Facts
AIS shows only what the bank reported. You must report the full interest actually earned, even if AIS shows less.
Provisions and law
- Sec 285BB (now Sec 510)Annual Information Statement of a taxpayer's reported transactions and taxes
- Sec 56 (now Sec 92)Income from other sources includes interest
Analysis
If the passbook shows ₹14,000 of savings interest and AIS shows ₹11,000, report ₹14,000. There is no need to give feedback on the AIS entry, since it is not wrong, just incomplete. Under the old regime, claim the 80TTA deduction of up to ₹10,000, or 80TTB for seniors. Under-reporting income because AIS was low can still lead to a notice later.
Conclusion
- Collect interest certificates or passbook entries for all accounts
- Report the full interest in Schedule OS
- Claim 80TTA or 80TTB if eligible under your regime
- Keep the certificates
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AIS and TIS feedback and mismatch correction
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