Bank Fixed deposit Interest reporting in 26AS

TDS 247 views 2 replies

amit

fdf

59 Points Joined May 2012

Hello everyone,

Earlier the Banks reported the Fixed deposit Interest credited to the customer in 26AS only when TDS was deducted on such interest.

Since A.Y 20-21, i find that banks are reporting interest details in 26AS when total interest is well below 40K and even if NO TDS has been deducted.

Can anyone clarify if there is some new regulation to report Interest in 26AS irrespective of TDS being deducted or not ?

Thanks,

Amit

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Replies (2)

This as per new Finance act 2019, said act mandate for the banks to report amount of intrest paid to account holder even if said amount is lower then the limit on which TDS to be deducted . This move has been taken to detect tax evasion in some cases . For more details you may refer section 206A of finance act 2019.