SFT-011 REPORTING BY BANK FOR MATURED FCNR DEPOSITS
This query is : Resolved
16 December 2024
Dear Sir,
I am an nri having a FCNR DEPOSIT with INDUSIND BANK. I do not stay in India , but do visit India for short periods of 90 days or 120 days . My status regd with income tax is NON RESIDENT.
Unfortunately Indusind made a report to I .tax SFT-011 that a matured proceeds of FCNR DEPOSIT in us dollar
was remitted overseas. Indusind Bank falsely declared Rs 85 lakhs in the SFT -011 report. Can I sue the Bank for false inaccurate sft reporting for non resident Indian ?
My question is ...Do Banks have to declare SFT reports for FCNR DEposits overseas matured funds remitted in usdollar ??
request please answer my email id arjunmahtani@gmail.com THANKS
I am an nri having a FCNR DEPOSIT with INDUSIND BANK. I do not stay in India , but do visit India for short periods of 90 days or 120 days . My status regd with income tax is NON RESIDENT.
Unfortunately Indusind made a report to I .tax SFT-011 that a matured proceeds of FCNR DEPOSIT in us dollar
was remitted overseas. Indusind Bank falsely declared Rs 85 lakhs in the SFT -011 report. Can I sue the Bank for false inaccurate sft reporting for non resident Indian ?
My question is ...Do Banks have to declare SFT reports for FCNR DEposits overseas matured funds remitted in usdollar ??
request please answer my email id arjunmahtani@gmail.com THANKS
17 December 2024
The amount in the FCNR is freely repatriable.
Interest earned on FCNR deposits in India is exempt from income tax.
SFT -011 reporting are not for Bank/s to report, if bank reports it under SFT-011, it will not be considered by ITD; as it has to be reported by "any person who is liable for audit under section 44AB of the Act" for reporting "Receipt of cash payment exceeding Rs. 2 lakh for sale, by any person, of goods or services of any nature".
Under any conditions you are not under fault or at any loss for misreporting of the bank, so by any legal action over bank, you would not gain anything.
Interest earned on FCNR deposits in India is exempt from income tax.
SFT -011 reporting are not for Bank/s to report, if bank reports it under SFT-011, it will not be considered by ITD; as it has to be reported by "any person who is liable for audit under section 44AB of the Act" for reporting "Receipt of cash payment exceeding Rs. 2 lakh for sale, by any person, of goods or services of any nature".
Under any conditions you are not under fault or at any loss for misreporting of the bank, so by any legal action over bank, you would not gain anything.
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