in earlier years ITR, interest income of loan is shown as commission income. PY borrower repaid loan b
y depositing it to SB a/c n amount is reflected in 26AS under SFT4. now how justify r prove r correct this as no income tax is evaded r how to show r correct in PY ITR.
thanks in advance
Any expansion in reporting under the statement of financial transactions (SFT) will mean that such reporting of high-value transactions to the I-T department will be done by financial institutions, they said.
Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers, they said.
As mentioned earlier, SFT transactions incurred by you will be reported by the respective reporting entities to the IT department. Incase your 26AS incorporates these transactions, you simply need to ensure that the income related to those transactions has been duly offered to tax / accounted for. Any mismatch or discrepancy between the high-value transaction viz-a-viz the tax return filed by the assessee can trigger the issuance of notices by the IT officers.
the SFT transactions appearing in your 26AS are correct and you are accurately filing tax returns, just go ahead and file your ITR same as in a normal scenario.
so you need not to worry about that you should file your itr as normal scenario. It will attract any problems. As it is shown in 26AS means tax is already paid on it
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