What is meant by SFT transaction in 26AS?
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What is meant by SFT transaction in 26AS?
What is Statement of Financial Transaction? SFT is a report of specified financial transactions by specified persons including prescribed reporting financial institutions.
What is the meaning of SFT 005 in Form 26AS?
One or more-time deposits
SFT-005: 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.
What is information code SFT 005?
The SFT code 005 pertains to Time deposit maintained by you and the reporting threshold limit is Rs. 10 lacs under 1 or more Time deposits of the same person. The rule of aggregation of total deposits is applicable in respect of the deposits of the same person in same capacity and during the FY concerned.
Is SFT filing mandatory?
registration) is mandatory only when at least one of the Transaction Type is reportable. A Page 4 functionality “SFT Preliminary Response” has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year.”
What happens if ITR form is wrong?
A mistake made at the time of filing ITR can be corrected by filing revised ITR. Section 139(5) of the I-T Act states that after filing their return if someone discovers any omission or wrong statement, he can furnish a revised return.
Should we file nil SFT return?
A functionality “SFT Preliminary Response” has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year. Therefore it can be concluded that is not Mandatory to file NIL Statement.
What transactions are reported to income tax?
High value transactions which can get you an income tax notice – Check full list
- Making high-value deposits in bank FDs.
- Making deposits in savings bank accounts.
- Paying credit card bills.
- Purchase or sale of an immovable property.
- Shares, mutual funds, debentures, and bonds related cash transactions.