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.
14 Replies
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 27 March 2022
Bank deducts Tds on bank interest of FD. So it can be easily traced by IT Dept
sabyasachi mukherjee
(27835 Points)
Replied 27 March 2022
Tds will be deducted but Sec 80TTA IS APPLICABLE.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 27 March 2022
For interest on fixed deposits , 80TTA is irrelevant.
Interest details will still appear in form 26AS
Interest details will still appear in form 26AS
ALAMELU.N.N
(student)
(258 Points)
Replied 27 March 2022
The interest you earn from SB account and FD account both will appear in Annual Income Statement in the Income tax portal
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 28 March 2022
Can you quote the age of tax payer ?
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 28 March 2022
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
sabyasachi mukherjee
(27835 Points)
Replied 28 March 2022
There are two sections 80TTA AND 80TTB ONE IS FOR SENIOR CITIZEN ANOTHER FOR OTHER THAN SENIOR CITIZENS.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 28 March 2022
But 80TTA covers only savings interest & 80TTB covers both savings and FD interest
Sandeep Jain
(Pivate)
(1476 Points)
Replied 28 March 2022
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
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 28 March 2022
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
Naveen Kumar
(729 Points)
Replied 28 March 2022
No reporting By Bank FY 2022-23 limit is also 10 Lacs or more but file ITR
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 28 March 2022
Tds filing by banks also is the way of reporting to IT dept
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