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

Quick Summary
This discussion clarifies the meaning of SFT-005 entries in Form 26AS, which relate to time deposits like fixed deposits (FDs) of ₹10 lakh or more made in a financial year. It's confirmed that these entries are for taxpayer awareness and verification, and generally, no additional forms or actions are required beyond reporting the interest income in your Income Tax Return (ITR). The experts also address concerns about large savings balances and joint FD reporting, reassuring taxpayers that genuine transactions and savings are not an issue.

My wife and myself are joint account holders with SBI bank. There were some FDs made with the bank and in both our form 26AS, SFT-005 for the same amount is reflected, Interest on these amounts are shown in my ITR. My wife income is much lower and than the amount of FDs made by myself in joint name. My question is that while filing ITR of my wife, shall I report these entries as duplicated for my spouse in AIS or shall I go ahead and file the ITR as is. Can this raise a query from IT dept later? So your valuable advice is very much appreciated. 

 

I am a retired person and 77 years old. I have FDs in 2-3 banks. Under sweep instructions above certain amount to bank, Accordingly, balance above Rs 15000 in saving bank is sweeped out from SB and multi option deposit (MOD) is opened at prevailing FD interest.During last FY 2022-23, Due to increase in FD interest,  MODS & FDs having lower interest were closed and a composite FD for entire amount opened on the same day in same branch. My queries are:

1) Whether the new FDs opened after closure of MODS/FDs WILL BE REFLECTED UNDER SFT-0005 IN 26AS and TIS/AIS. If it is reflected then it would be duplication of amount as earlier MODs/FDs have already been reflected.

2) If such duplication is made it will give a wrong picture. In such case, what is the remedy? Can I correct TIS? If so how?

I request the learned CAs to guide me the matter. Early response shall be highly appreciated.

Thanks, S Kumar

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