05 July 2021
SIR, In my 26AS tax credit I have come across an entry as follows: SFT-005 Time deposit....Name of filer......Rs. 438542.00 I am a retired person, and have some fixed deposits and earn interests for managing my living. This is the first time I have received. Shall be very grateful if anybody please explain the implication on taxation. Regards, Samir Chowdhury
05 July 2021
Since you have FD accounts, the bank would have reported such transactions to the IT department. This is not new. If you earn taxable income, ensure to disclose the interest earned on FD while filing ITR.
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