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Impact of SFT shown in 26AS

B RAMA KRISHNA (Assistant Accounts Officer (Retd) in Ele) (106 Points)

03 October 2020

Please let me know the impact of Statements for Financial Transactions appeared in 26AS.

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4 Replies

Santosh Hegde (133 Points)
Replied 03 October 2020

No imact.U can file your ITR in a usal manner itself.

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ayusmita (Tax consultant) (5890 Points)
Replied 04 October 2020

No impact

sachin sharma (39 Points)
Replied 04 October 2020

As far as there is no impact on return filling but there is definitely effect on 26AS after this 26 AS is more clear because it's shows your big transaction which you made during the particular year.

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 04 October 2020

No there is no adverse effects. It is for our reference purposes. It is only to help us as a reminder to check if the transaction and the income there off is relating to use and considered the effect of same while filing return.

Many people ignore/forget important transactions done by them and consequently leads to scrutiny proceedings, which is decreased by this, because we in advance know which transaction are reported ect..

So, ultimately this going to be beneficial for taxpayer