The idea is that the account will be able to generate an financial year based interest earned certificate that provides the details of overall credit, debit and the interest earned in the saving account.
This is very important to some customers becuase they do not like to share their complete yearly bank statement to the CA firms just to sum up the interest earned on the Savings Account. Its a relatively simple thing to build, it adds substatially to the privacy of the customers and eases the tax filings for the individuals who file themselves.
Hey @Shakendra_Jain welcome to the community. Very glad to have you with us. This is real quality feedback.
generate an financial year based credit, debit and the interest earned in the saving account
Above should be easy to do, but nobody does that right currently? Mutual fund companies, term insurance companies have a pdf especially for taxes (which needs to be submitted as proof).
Also, if I can add, dividends can be added also. Those are also tricky while filing the taxes, have to add them manually, and then fill it.
@ketan_garg is a CA and community champion, asking him to pitch in here.
Hey @sahil-sorathiya, i think a very simple NLP program can be very effective in consistently and effectively identify the interest or dividend earned/added to an account over a financial year.
Any other way to identify that? As NLP and machine learning will take lots of data to learn this.
@Shakendra_Jain - with the advent of AA, reforms by Tax authorities, won’t this detail be automatically available for Tax return filing going forward?
I understand that at present, only specific investment like FD, etc. are captured in the Tax filings, I feel it should not take much time to capture this data as well.
With the GOI aiming for a fully pre-filled return, I presume if it is for Tax purposes, it could be well within the roadmap of being captured automatically.
Would be interesting to see the revised form 26 AS.
Always interesting to see how 26 AS and other forms get updated every year! Great direction in making it easier for people
For interest earned on one’s own account, just a great ledger and accounting system should be able to give you period wise interest earned!
Hi @sneh.baxi, is there any work going on in the background for this? That is the provision to download the interest certificates for the financial year.
Interest certificate generation is live
Check it out here - Interest certificate generation is live 🚀