Statement of financial transaction-005 time deposits

This query is : Resolved

roshan (Querist)
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17 August 2020 Client is having time deposits of rs 5148865 STF-005 as per 26 AS,is it compulsory to file form 61 a
Is income tax portal updated for individuals having bank transactions above 30 lakhs

CA Raj Doshi

CA Raj Doshi (Expert)
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18 August 2020 Query is not clear

roshan

roshan (Querist)
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18 August 2020 Sir is it compulsory to file form 61 a for individual if Client is having time deposits of rs 5148865 (STF-005 )as per 26 AS
Thank you

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roshan

roshan (Querist)
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18 August 2020 As per clear tax-it is to be noted that the following persons should file their SFT return mandatorily:

A person having bank transactions above Rs.30 lakhs
All professionals and business having turnover above Rs 50 lakhs

I wanted clarification on the same ,since time deposit exceeds 30 lakhs