Is your AIS not showing savings account interest? Here’s what you need to do

economictimes.indiatimes.com:

It is important to ensure that while filing your income tax return (ITR) form, you have filled in all the vital information from your Annual Information Statement (AIS). However, it may happen that some information is missing from your AIS, or there is a mismatch between AIS and the information available to you. For instance, some taxpayers saw that their AIS is not showing information about interest earned from their savings bank account this year. If you are facing such a situation, here is what you can do.

According to Dr. Suresh Surana, Founder, RSM India, a tax, consultancy and audit company, the data generated by Form 26AS/ AIS is taken from the Statement of Financial Reporting (SFT) information filed by the banks, etc. Any error in the submission of such information in the SFT by the financial entity would consequently result in an error in Form 26AS/ AIS. It may happen that there is a mismatch between the amount of income as per the certificate shared by the financial institution and AIS. For instance, your bank interest certificate shows that you earned Rs 6,000 as savings account interest in the financial year, but your AIS shows Rs 11,000.

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In addition, there could be technical glitches in the income tax department’s ITR portal, which could result in “information getting updated in Form 26AS but is taking substantial time to get updated in the AIS,” informed Surana. For instance, if your AIS is not reflecting interest income earned from banks or dividends earned from companies and mutual funds etc.

If certain income is not reflected in the AIS, one must not assume that