SFT 005 reported in 26AS

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This query is : Resolved

Kanun (Querist)

24 November 2021 In my 26AS an amount of about 660000 is shown and remark is NIL. This amount shown is less than the 10 lacs as required for reporting. Also it is matching with amount of FD I had with the Axis Bank the reporting bank. The FD is not yet matured also though quarterly interest credit to SB Account which is about 9500 approx. First of all I am not able to understand what transaction is reported under this as the amount shown is not matching with any of my transaction also. In my return what I should show or what should be done. I filed my return based upon form 16 issued by the employer as there is no other income. This time due to this SFT 005 reporting found in my 26AS I am in confusion to understand what steps I need to do and file my return without any discrepancies. Please advise do I need to do anything or it could be taken as the reporting is just for my information and do nothing.

Thanks

K Rabadia

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

24 November 2021 SFT-005: One or more-time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person.
It was not mandatory to declare, but some banks report it. Though the remark is NIL.
You need not change your ITR declaration due to this reporting. Only declare the interest part in IFOS.
No need to worry, if the deposit is made through banking channel.

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