Query on SFT 005 entry in 26 AS form FY2020

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This query is : Resolved

Quick Summary

If you have an SFT 005 entry in your FY2020 26AS form for time deposits but haven't received a query from the IT department, you generally don't need to provide a voluntary explanation. This entry is simply reported information and doesn't automatically signal an issue. It's advisable to ensure your Income Tax Return (ITR) is accurate and to keep relevant documentation readily available in case the tax department later initiates scrutiny proceedings or asks for clarification.

roshn

roshn (Querist)

17 August 2020 Hi,

I got an SFT entry in 26 AS form for time deposits for FY2020. However I have not received any query on those transactions from IT department yet. My question is - Is there a provision to voluntarily give explanation on those items?
Is it required to give explanation now or only in case there is a query?

CA Raj Doshi

CA Raj Doshi (Expert)

18 August 2020 Explanation required only If scrutiny proceedings initiated.

Message likes : 1 times

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

19 July 2025 Is SFT-005 an issue? Not necessarily – it's just reported info
Action needed now? No, unless you receive a query
Should I give voluntary explanation? Not required unless asked
What should I do? Ensure ITR is correct; keep documentation ready

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