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26AS Form showing STF-005 code. What action needs to take?

05 August 2020

Hi everyone,

Please find below image for my 26AS form:After spending sometime I came to know this SFT-005 code for deposits. I don't have any deposit with canara bank. But my father having deposit in canara bank with joint name. 2nd depositor name is with name of mine. Is it the reason its showing in my 26AS Form? But same amount is not reflecting at my father's 26AS form. As of me deposit always belongs to first depositor. please let me know if i am wrong.

Is there any care i have to take while filing the ITR? do i resolve anything before filing ITR? what action needs to take?

Please guide me for my query. Thanks.

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4 Replies

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 05 August 2020

Code SFT- 005 is relating to 'Time deposit' made by you.

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 than it's reported by bank to IT department.

As mentioned by you "it can be your father's time deposit".. kindly check amount shown is matched with your father's time deposit.

and let me know
have you any bank account like Saving/current a/c with Canara Bank ?

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SNEH SHAH (3 Points)
Replied 05 August 2020

Hi,

What is "Time Deposit" in simple language? Is it same as renewal of fixed deposit?

In my father 26AS its showing 18 lacs amount which is he opened "Capital Gain Account" against he recently sold one property. This account with his name only.

Apart from these my father renewed some of fixed deposits in which he put me as 2nd depositor. 1st & Main depositor is my father only. I have savings account in canara bank.

Thanks

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 05 August 2020

I think as you have a savings bank account in camara bank, it's possible that your bank could have a facility activated like if your minimum balance goes above let's say 50,000/-, than bank create a time deposit (Like FD) in your name wherever you account balance goes above 50,000....and when it's goes below that limit that FD is released by bank, ect..like swap facilities.

this could be your case.