SFT-005 Time deposit

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An individual noticed an 'SFT-005 Time deposit' entry on their 26AS tax credit form, which relates to their fixed deposits. This entry indicates that the bank has reported these transactions to the IT department. The user has been advised to ensure they declare the interest earned on their fixed deposits when filing their Income Tax Return (ITR), as this is a standard reporting procedure.

SAMIR CHOWDHURY

SAMIR CHOWDHURY (Querist)

05 July 2021 SIR,
In my 26AS tax credit I have come across an entry as follows:
SFT-005 Time deposit....Name of filer......Rs. 438542.00
I am a retired person, and have some fixed deposits and earn interests for managing my living. This is the first time I have received. Shall be very grateful if anybody please explain the implication on taxation.
Regards,
Samir Chowdhury

CMA Poornima Madhava

CMA Poornima Madhava (Expert)

05 July 2021 Since you have FD accounts, the bank would have reported such transactions to the IT department. This is not new.
If you earn taxable income, ensure to disclose the interest earned on FD while filing ITR.

SAMIR CHOWDHURY

SAMIR CHOWDHURY (Querist)

10 July 2021 Thank you very much.

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