Stop Worrying About Any Missing Saving Bank Interest in your AIS. Take These Steps Now!

Your savings account interest may sometimes not reflect accurately in your AIS. Here are the steps to tackle this situation and file your ITR right.

Understanding missing savings bank interest in AIS

Also Read: 8 Myths About Income Tax Debunked

The information displayed on your AIS comes from several reporting entities, such as banks and fund houses. However, you may sometimes notice certain missing information in your Annual Information Statement. While this is not a common occurrence, it is enough to pique taxpayers.

It is important that the income from diverse sources reflecting on your AIS matches with the income you actually earned. That’s why ensuring all your AIS information is correct before you file your income tax returns is important. Let's learn what to do in case your AIS has missing or incorrect numbers.

• The Income Tax Department compiles your detailed annual income information in the AIS

• It displays income data received from several sources, such as banks or fund houses

• AIS has the option to register feedback in case of incorrect entries

• ITRs filed without the correct income information can attract income tax notices

Resolving missing or wrong bank interest in AIS

Let's assume you earn Rs. 5000 as interest from your savings bank account throughout the fiscal year. However, what if this information is missing or different in your AIS?

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If that's the case, these are some of the steps you must take:

Why is there an error in bank interest in AIS?

1. Check all entries in your AIS 

2. If the bank interest in AIS is missing, get it from your bank statement

3. Mention your correct savings bank interest, even if it’s not reflected in your AIS

4. Use the 'feedback' option on the ‘Optional’ tab in the AIS portal to report any discrepancy

There could be several reasons for an error in your AIS:

• A technical glitch in the Income Tax Portal makes it difficult to sync data with Form 26 AS

• An error made by your bank while sending data

While it may not be possible to figure out the exact cause, you must always check the AIS carefully and input only the right details in your ITR. Remember, the absence of data doesn't mean no income was earned. 

Why is reporting the right income important?

Reporting less income than you have earned can attract an Income Tax notice. Likewise, reporting more income may put you at risk of higher taxation. That's why it's important to have all your financial records handy when filing returns. As a thumb rule, it’s your responsibility as a taxpayer to verify all income information and make the right entries.

Conclusion

Whereas the AIS relies on reporting entities to compile financial information, the final responsibility lies with the taxpayer. Thus, being alert and avoiding last-minute return filing is critical to filing ITR correctly.

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