Annual Information Statement (AIS) Errors: What to Do If Your Savings Account Interest is Not Displaying

It is crucial to confirm that you have filled out all the necessary information from your Annual Information Statement (AIS) on your income tax return (ITR) form. However, there are instances where the AIS may not display the expected interest earnings, causing confusion and concern among account holders. If you find yourself in this situation, here's what you need to do to resolve the issue and ensure accurate information regarding your savings account interest.

What is the Annual Information Statement (AIS)?

The Annual Information Statement (AIS) offers a comprehensive summary of taxpayer data displayed on Form 26AS. Taxpayers can provide input on the information presented in the AIS. It includes various sections such as TDS, SFT, and Other information, showing both the reported value and the updated value, considering the taxpayer's feedback.

Errors in AIS

Errors in the financial entity's submission of information in the Statement of Financial Reporting can result in errors in Form 26AS/AIS. In certain cases, the revenue reported on the certificate shared by the banking institution and AIS may not align accurately.

What should you do?

The absence of a particular source of income from the AIS should not be interpreted as indicating that no such revenue exists. All of the sources of income must be compared to those listed in the AIS. A person must obtain information about the income earned during the financial year from the financial institution and include it in the ITR form if it is not represented in the AIS.

If the income reported by the AIS is more than what is really earned, the AIS fault needs to be fixed. To prevent receiving a tax notification, this must be done. The AIS ought to reflect the data that the income tax division has access to from different financial institutions. Any financial institution mistake would appear incorrectly in your AIS. The income tax division would presumptively believe that the data provided by banks and other financial organisations is accurate.

It is possible that the bank made a mistake that led to this error. To obtain the right income amount, one needs to notify the bank of this inaccuracy. In the event that the AIS turns out to be accurate, the ITR must be updated with the new data.

How can I view the Annual Information Statement?

• Visit https://www.incometax.gov.in/ and log in.
• Click the Annual Information Statement (AIS) menu on the dashboard after logging in.
• To access the Annual Information Statement, select the AIS tile by clicking the Proceed button, which will take you to the AIS portal.

Alternatively,

• Visit https://www.incometax.gov.in/ and log in.
• Click the e-File menu after logging in.
• Select View AIS from Income Tax Return.
• To access the Annual Information Statement, select the AIS tile by clicking the Proceed button, which will take you to the AIS portal.