Sir,
In whole year FY 2021-22 I have deposit Rs.80000 in axis bank but same reflect in my 26 as under SFT004 Cash deposit in saving account
Why bank report when Cash deposit in SB account in one FY year limit is Rs.10 Lacs pleas suggest
7 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 10 April 2022
IT systems are in place. so banks have reported on voluntary basis.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 10 April 2022
Now a days many people who does illegal business also taking the advantage of converting black money to white through fixed deposits or other deposits banks ..So govt has made few changes to curb these practices
Naveen Kumar
(729 Points)
Replied 10 April 2022
Mostly Cases private bank report to department if you less then deposit Rs.1 lac same case i deal i have deposited Rs.292000 in PNB no reporting but I have deposited Rs.22000 in kotak Mohinder bank and Rs.33000 In axis Bank both reflect in SFT 004 Cash deposit
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 10 April 2022
Banks submit the report through AIS or AIR about statement of financial transactions
Zeeshan Haris
(74 Points)
Replied 11 April 2022
SFT-004: Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
Other than Current and Time Deposit it will be reported.
Other than Current and Time Deposit it will be reported.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 12 April 2022
If GTI is less than 2.5lacs then it is not required to file ITR and you may submit the response accordingly
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