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SFT-005 Time deposit with amount of 20L and 'O' under "Remarks"

TDS 4052 views 4 replies

Mahesh K

Others

7 Points Joined September 2021

While submitting IT Returns, I went through Form 26AS and noticed "SFT-005 Time deposit" with 20L and 'O' under "Remarks", as shown below:

This is my Savings account and I do not have any source of income. All the money accumulated in this account is from monthly transfers made by my son for my mandatory and leisure expenses. Most of the money is either FD or TD.

I am already adding "102,392.00" as Interest Income while submitting IT returns.

Do I need to do something while submitting my IT returns?

Does my son need to do something while submitting his IT returns?

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209091 Points Joined July 2016

If the total money (major amount) has been sent by your son, of which you have made new FD; better report the amount as 'Gift from Son' in Schedule EI of your ITR.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Joined November 2019

No problem you should normally file your ITR

Mahesh K

Others

7 Points Joined September 2021

Thanks you @ Dhirajlal sir for reply. Will it be ITR 1 which I need to file and if you could also guide in which section this should be mentioned?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209091 Points Joined July 2016

@ Mahesh K.....

Yes, If you do not have any income like capital gains, business income and any agricultural income (> 50000/-) you can file ITR 1. (well, subject to other restrictions, which i don't presume in your case).

SFT 005 cannot be reported in ITR, but interest from all the bank account/s, FDs etc. are to be declared in IFOS.