Dear Sir,
If we deposit cash Rs.5 Lacs in a saving account and make a fixed deposit can bank report to IT department under SFT.
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Cash deposit and fixed deposit
Replies (14)
Quick Summary
Bank deducts Tds on bank interest of FD. So it can be easily traced by IT Dept
Tds will be deducted but Sec 80TTA IS APPLICABLE.
No Tds interest only Rs.24600 per year
For interest on fixed deposits , 80TTA is irrelevant.
Interest details will still appear in form 26AS
Interest details will still appear in form 26AS
The interest you earn from SB account and FD account both will appear in Annual Income Statement in the Income tax portal
Can you quote the age of tax payer ?
Ok it's fd interest.
FD interest may also consider for 80TTB and 80TTA has no such option.
That's why I have asked the age of tax payer
That's why I have asked the age of tax payer
There are two sections 80TTA AND 80TTB ONE IS FOR SENIOR CITIZEN ANOTHER FOR OTHER THAN SENIOR CITIZENS.
But 80TTA covers only savings interest & 80TTB covers both savings and FD interest
Sir, question is bank repot to it department or not actually earlier fd reporting limit is 10 Lacs
Ais show only interest not a basic values
Ais show only interest not a basic values
Answer : Bank shall report to IT dept..
FD Limit alone is not criteria and interest also criteria
FD Limit alone is not criteria and interest also criteria
No reporting By Bank FY 2022-23 limit is also 10 Lacs or more but file ITR
Tds filing by banks also is the way of reporting to IT dept
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