Sft 003 for cash deposits in current account bank

This discussion clarifies the implications of SFT-003 filings for cash deposits made into a current account, specifically for a GST-registered rice business. It addresses whether the SFT filing is compulsory and how to correctly report a Rs. 52,10,100 deposit in the Income Tax return for FY 19-20. The advice also stresses the importance of reconciling this deposit with business turnover and GST filings.