Bank Fixed deposit Interest reporting in 26AS

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fdf
59 Points Posted on 24 June 2020

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

 

Attached File : 832046 20200624123325 tds.jpg downloaded: 77 times
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On 24 June 2020 at 12:33 Report
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Quick Summary
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.

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27 Points Posted on 24 June 2020
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.
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On 24 June 2020 at 14:04
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fdf
59 Points Posted on 24 June 2020

Thank you so much for the prompt response.........

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On 24 June 2020 at 21:25

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