Regarding treatment of sft 05

AJOY KR. MUKHERJEE (Querist) 01 October 2023 This query is : Resolved
Sir, I have an joint savings account in SBI with my wife where I am the primary holder. We have jointly hold some Fixed deposit. In 3 nos. FD's my wife is primary holder and it is made after premature of her old FD's the premature amount transferred in our joint savings account which she was made since last 11 years ago. Now she made Rs. 11 lac jointly fresh FD's from this amount where she is primary holder. I am also made like same as my wife for Rs. 5lac.

Bank report through form 61A in SFT 05 of AIS 15 lac in each of our AIS. Whether it is right or wrong. What is the treatment in ITR may taken by me.
Please give me the valuable advice and help.
Regards
A. K. Mukherjee

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A user is seeking clarification on the reporting of joint Fixed Deposits (FDs) in SBI under SFT 05, where their wife is the primary holder for FDs made from her premature FDs. The bank has reported Rs 15 lakh in each individual's AIS. The user wants to know if this reporting is correct and how it should be treated in their Income Tax Return (ITR). The response suggests that the Statement of Financial Transactions (SFT) is a mechanism under Section 285BA of the Income Tax Act to monitor high-value transactions, reported via Form 61A.

kavksatyanarayana (Expert) 01 October 2023
Please post this query on caclubindia.com to get a property reply. I opine the FD rate was revised by all the banks as per RBI guidelines.

T. Kalaiselvan, Advocate (Expert) 02 October 2023
For keeping a watch on the high-value transactions done by the taxpayers, the Income Tax Act has framed a new concept to furnish a Statement of Financial Transactions or reportable account, previously also known as Annual Information Return (AIR).
Section 285BA of the Income-Tax Act requires specified reporting persons to furnish this statement. Rule 114E of the Income Tax Rules 1962, specifies that this statement must be furnished in Form No. 61A.
It is important to note that CBDT can recommend different values with respect to different transactions for different persons by considering the nature of the transactions.

Dr. J C Vashista (Expert) 02 October 2023
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