SFT 005 in Form 26AS HELP!

ITR 5786 views 2 replies

Rythem Bansal

25 Points Posted on 17 August 2020

I was about to file my ITR - 4 today but I saw SFT 005 entry in my Form 26AS. I have already read about SFT and its codes on the internet and it is related to the FD aggregate being higher than 10 L. I am a professional and have been filing my ITR under presumptive scheme 44ADA and have been including deductions under 80C (PPF) and there hasn't been a problem.

Now the thing is that I never deposited any funds on my own, the SFT amount is pertaining to the principal amount being credited back and the interest of that FD is listed. It is such a redundant process that is going on. I am confused if I'm required to fill form 61 or what to do? Because I've generally filed on my own uptil now and it has always been smooth.

Please help me out at the earliest as I need to file my ITR asap.

Replies (2)

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 17 August 2020

You are not required to do any additional things for same, it's for your reference only.

if any transaction is reported, than You just have to insure that, transaction if any reflecting is matched with your transaction, and interest income relating to same(i.e FD) you are required to report in your ITR, as I think you normal reporting every year

check if the transaction and the income there off is considered while filing return.

Rythem Bansal

25 Points Posted on 17 August 2020

Okay! Income from FD interest is prefilled and displayed under income details automatically from my form 26AS. My filing of returns have been pretty straightforward. BP tab I go for ADA and fill out required fields and they show under income details where I also add the deduction under 80C. Apart from that I just have to write gross total under TDS details that I tally from my Form 26AS and I proceed to the page where it shows the refund.

So if the interest is pre filled by CPC, wouldn't it be enough for them to understand that whole of the principal amount that got credited back to me on maturity was MY money only and not someone else (different PAN) deposited it in my account. Since the interest is being displayed automatically, I guess it shouldn't be fishy to them right?