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of <h1>India Revises Interest Income Reporting: All Amounts Must Be Reported, Section 285BA Update, Effective January 2023.</h1> The Government of India, through the Central Board of Direct Taxes, has issued Notification No. 1 of 2023, amending the reporting requirements for interest income under Section 285BA of the Income Tax Act, 1961. The previous threshold of Rs 5,000 for reporting interest income is abolished. Now, all interest income, except from Jan Dhan Accounts, must be reported regardless of amount. This change, effective from January 5, 2023, modifies the guidelines outlined in Notification 2 of 2021, ensuring comprehensive reporting for pre-filling income tax returns. The Directorate of Income Tax (Systems) will manage secure data procedures.
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