SFT-005 posted by bank in Form 26AS - Please suggest

Sir,
Code SFT- 005 is relating to 'Time deposit/fixed deposit ect.' made by you.

One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year than it's reported by bank to IT department.

It's not new, in past also it's reported by bank to IT department,(Not available to taxpayer) but from now a days, it also reflecting in 26AS for benifit of taxpayer to verify the same with their transactions.

You are not required to do any additional things for same, it's for your reference only. As in your case Fixed deposit is made by you, which is continuing in this year also, so it's reflected as Zero value, as there no new FD.

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.

"deposits in a particular account is more than my annual income in particular year" it can be, there is not an issue as you can explain that it's from other FD, or your past saving ect. You are genuinely doing all the things, than there is no issue at all.

Government is not complicating income tax system, rather it's trying to improve the system, simplify the system by use of technology, formalising the system for ease of taxpayers.

Since there is NIL amount,please ignore it.

1. SFT 005 pertains to receipt if time deposit by a banking company/coop bank/post office . One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person.

2. No. It is only to help you as a reminder to check if the transaction and the income there off is considered while filing return.

3. Its ok if your savings are more than income. That will happen but natural for every similar individual

4. If you already have a FD of 25L and you are only going to renew it,then it will not get reported. If you get the proceeds credited first and then you invest again,it would get reported.

Many people ignore/forget important transactions done by them and consequently leads to scrutiny proceedings.

Their efforts are to minimize litigation.

Thanks a lot for your replies. So, from a risk aversion perspective of getting into the hassle of providing more details and filing additional forms, it is better to have FDs in auto renewal mode. I never do that. All my FDs work in 'credit to source account' on maturity and then I manually do new FDs based on current rates. 

 

There is no risk. It's better to "credit to source account" on maturity sbi manually done FDs based on current rates. Commercial decision should not get affected because of fear of a petty reporting.

Sir My TRACES file has reported an amount of more than 10 lakhs. I had some maturing deposits. I again made a fixed deposit of the entire amount. 

 

Do I have to file anything?

 

Thank You.

The reporting of SFT transactions in case of time deposits for an amount aggregating to Rs. 10 lakh or more in a financial year shall be reported by a banking company or Co-operative bank to which Banking Regulation applies or
Post-Master General of post office by fling Form 61B. The assessee is required to file returns for the income earned through these deposits i.e interest if it exceeds basic exemption limit.

If FDR is taken in joint name (either/or) then does 26AS part E reflect total amount of FDR in both account holder or should it appear only in 26AS part E of first holder

All learned CA and members

my 26 AS  is showing SFT-005 time deposit filer name is SBI amount 12348 Rs .

what i have to do in my ITR filing for this amount, should i have to file any other form or report for this 

plz suggest and oblige

 

My 26AS is reported with a negative (- 330000) on SFT-005 Time Deposit Transaction. Is there an action from my end, if so, what is that I need to do.. Pls suggest... Thanks!

My 26AS is reported with a negative (- 235233) on SFT-005 Time Deposit Transaction. Is there an action from my end, if so, what is that I need to do.. Pls suggest..

My 26AS is reported with a negative (-494608) on SFT-005 Time Deposit Transaction. Is there an action from my end, if so, what is that I need to do.. Pls suggest..
 

My husband and myself are joint account holders with ICICI bank. There were some FDs made with the bank and in both our form 26A, SFT-005 for the same amount is reflected, Interest on these amounts are shown in my husband's ITR. My question is should I also show these amounts in my ITR? As this would amount to duplication of income. Both our ITRs are not yet filed. So your valuable advice is very much appreciated. 

Please report the interest income for FDs in husband ITR only if the interest income is reported in Form 26AS of husband

Thank you sir for your reply.