CASH DEPOSIT IN SFT

This query is : Resolved 

07 June 2023 Two persons Mr. A and Mr. B are holding a saving account in a bank jointly and the cash deposit during a financial year was Rs.24 lacs. Mr. A is proprietor of a business and Mr. B is an employee in that business. PAN and Aadhaar of both holders was provided to the bank. Mr. A is the first holder and the account is operated by anyone of Mr. A or Mr. B. The Bank in its SFT return (Statement of Financial Transactions) has reported the amount of 24 lacs as cash deposited in the PAN of Mr. A as well as Mr. B. In the Form 26AS / AIS of both the account holders it is shown that cash of Rs.24 lacs was deposited by A and Rs.24 lacs by B as well. This results in double reporting, whereby the cash deposit has been reported Rs.48 lacs. The bank account is duly recorded in the books of Mr. A and all transactions are duly recorded in the books of account of Mr. A.

My query is that whether the reporting of same amount as cash deposit in SFT in both the names is correct ? Had there been 3 joint holders, then is the bank justified in reporting same transactions of cash deposit in all three accounts ?

07 June 2023 Its not correct, but you can report correct information.
You can submit feedback on active information displayed under TDS/TCS Information, SFT Information or Other information by following below mentioned steps:
Click on “Optional” button mentioned in the Feedback column for relevant information. You will be directed to ‘Add Feedback’ screen.
Choose the relevant feedback option and enter the feedback details (dependent on feedback option).
Click “Submit” to submit the feedback.....



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