Reporting of savings account interest income

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Akshit Jain (Querist)
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06 November 2024 Is the interest income in the savings account of joint holders reported only on AS26/AIS of the first account holder?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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06 November 2024 According to the Income-tax Department's guidelines, in the case of joint accounts, the interest income is taxable in the hands of the first account holder. Therefore, only the first account holder's PAN is reported in the AIS and Form 26AS.
Though in some cases, it has been seen that banks have been reporting it in all the account holders' PAN.

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