Question on SFT-005 Time Deposit

Efiling 7029 views 6 replies

Hi Financial Experts

I am trying to file income tax for FY 20-21 online. In the process tried to check with Form26AS and found the new terminology that is SFT(Statement of financial transaction)
 

Please find the below screenshot of my SFT from Form26AS

I could not understand it, how that 20L figure has come, please help on this. Not sure of that, so I checked the tax payer information summary but again it has shown 20L. Please find the below screenshot 


What is Gross Purchase amount?
Lastly, I have checked it in annual info statement. Please find the below screenshot.


The figure Rs.10,03,354/- got resolved from my bank account statement, this is clearly FD interest I know. Please find the below image.



But not sure of 20L, how it appeared

Questions please
- What is Gross amount received from the person and gross amount paid to the person
- Please help me understand about that 20L, how it has arrived, I never had 20L in my account so far. Please clarify on this
- As in the first screenshot what is O and R mean, can you please help me understand
- And while filing ITR-1 returns how should I consider this information SFT-005, do I have to add this info anywhere while e-filing returns
 

Replies (6)
R denote some kind of reversal/ recitification

Reported value denotes the cummulative of Time deposit made during the year including renewal and other one denotes cummulative of FD matured during the year
Agree with above comment

I had similar query and what I actually did is contacted the bank eventually and asked them to send me a detailed calculations for the SFT value.

After some deliberation they finally shared the exact calculations. Hope this helps.

 

Agreed

Thanks for all the responses.
Gross amount received from person is the aggregate of your FD/TD made in a given FY
And it has nothing to do with tax filing, but good to understand your bank transactions and these are reported by your Banks

Sir did it effect your ITR filing 


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