Banks to report all interest income paid to account holders

Income Tax

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Jan 20, 2023

Banks and post offices will now have to report all the amounts paid as interest to depositors as part of the move towards pre-filled income tax forms. The income tax department has abolished the threshold of Rs 5,000 above which any interest paid to a depositor had to be earlier reported.

In a recent notification, the Central Board of Direct Taxes has said that banks will have to report “any interest income exceeding Rs zero” for all account and deposit holders in a financial year excluding Jan Dhan Accounts. The notification is effective January 5

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