Bank Fixed deposit Interest reporting in 26AS

Previously, banks only reported Fixed Deposit interest in Form 26AS if Tax Deducted at Source (TDS) was applicable. However, since Assessment Year 2020-21, banks are mandated to report all interest credited, regardless of whether TDS has been deducted or if the amount falls below the usual threshold. This change, introduced by the Finance Act 2019 (Section 206A), aims to enhance tax compliance and detect potential tax evasion.