AS26- SFT 005 Term Deposit

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If your bank has reported your Term Deposits (FDRs) and interest income via AS26 SFT 005, you might be wondering if you need to file an income tax return. While not mandatory if your total income, including interest, falls below the tax-free threshold and no tax was deducted, filing is generally advised. This is especially true if you've renewed or made fresh FDRs from existing accounts.

Vinod

Vinod (Querist)
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22 August 2021 I am not a income tax payee.

During financial year I renewed and partially made fresh FDRs Total amount Rs 13 lacs. All amounts are transferred from old FDR or SB

The amount is being shown in AS26 form as SFT by bank. The interest earned is also being correctly reported.
Should I file income tax return

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 August 2021 Yes, file ITR ..................

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 August 2021 If tax is not deducted from interest and your total income including the said interest is less than the maximum amount not chargeable to tax, RETURN FILING IS NOT MANDATORY.

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