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

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

Page no : 2

Bhupesh Motwani (2 Points)
Replied 23 July 2022

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.

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S KUMAR (retired) (22 Points)
Replied 19 July 2023

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