Is AIS fully reliable for ITR filing? It will not show these interest incomes

economictimes.indiatimes.com:

AIS. If you fail to report those incomes in your ITR, the Income Tax Department can send you a notice for underreporting of income. As a consequence of this, you will need to file a revised ITR or pay the due taxes and penalties, if any.

For instance, if you have invested in Reserve Bank of India (RBI)'s floating rate bonds or in Sovereign Gold Bonds, the interest earned from these will not reflect in your AIS. So is the case with interest earned in your Public Provident Fund (PPF) account. Do note that the interest earned from Sovereign Gold Bonds and RBI floating rate bonds are taxable in the hands of an individual.

However, the PPF interest is exempt from income tax. Parizad Sirwalla, Partner and Head, Global Mobility Services, Tax, KPMG in India, says, “The reporting of income in the AIS depends on various factors, like the issuing entity has to be a reportable entity, type of transaction, quantum of transaction, etc. Hence, if a financial transaction meets a specific criterion, then it could be reported and reflected in the AIS.

There are changes (generally additions) introduced on an ongoing basis to this criterion.” S Vasudevan, Executive Partner, Lakshmikumaran & Sridharan Attorneys, says, «AIS reflects the statement of financial transactions as reported by reporting entities. The notified reporting entities for reporting interest incomes are banks governed by the Banking Regulation Act, 1949, post offices and non-banking financial corporations. However, Sovereign Gold Bonds and RBI floating bonds are issued by the Reserve Bank of India (RBI).