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SFT - 005 Transaction in 26AS for NRE deposit

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I have some NRE FD of total value > 10 lakh rupees. Those were opened in FY 2020-21. Now In 26AS I have SFT-005 Transaction added for the same. Even I have some FD of 15 lakh in NRE and NRO for 120000 but the SFT -005 have the value of 1423243.  Just a additional details that those FD were just opened. They mature in FY 2021-22

Question

1) how do I make sure that the NRE FD are mentioned/addressed correctly since I read that there is No action for SFT-005 but we need to make sure ITR have the value amount of interest credited correctly. 

2) how is SFT-005 value is calculated in case of some NRE, some NRO account deposit? 

Replies (10)
Banks have their own mechanism of calculating and reporting. Since your amounts are close to the form 26AS figures, I would suggest not to give much weightage to it.
Sft 005 is normally done when fd made is more than 10 lakhs in a year

The problem is how are NRE deposit declared in ITR since they are tax exempt and Form 16 provided by Bank doesn't have any mention of such deposit. Since if I declare only NRO deposit it will not match figure in any way.

Your case needs some more details.. please dm me in my number ninefourninesixtwozerofivezerotwozero

Hey Krishna, How were you able to solve this issue? Even in my 26AS the NRE FD is being shown as Purchase of Time Deposits.

Some information in AIS or 26AS are just FYI type information. For NRI that's is those with purchase of time deposit in NRE account. Just keep your FD's receipt handy. If IT department come back with missing information then you can show them. Upfront you don't need to take any action since as per rule those are tax exempt. 

Many thanks man :)

 

The information provided in the 26AS is for consideration only. Keep all your records of NRE FD available with you for future reference when you receive any Notice from the dept in the future. 

Also, ensure that while filing you're IT return you mention the interest component against these NRE FD in your IT return under the exempt section. 

 

Puja ji,  Do you mean for NRE time deposit shown in AS26 as SFT-005, we do not have to mention it in ITR and just keep the fd records handy for future inquiries ?

Whether FCNR deposits are reported in SFT005 


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