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Where in ITR to report High Value Transaction done by me.

Vinod Kapoor (Taxpayer) (112 Points)

28 July 2021

I have done a Fixed Deposit of Rs 10 Lakhs in a Public Sector Bank.
Since it is a 'High Value Transaction'; it would be displayed in Statement of Financial Transactions (SFTs), in the Part E of the new Form 26AS.

Where should I report it while filing my ITR-2, so that it matches with entry in Form 26AS ?

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12 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 28 July 2021

Not required to show in ITR as it is already shown by your bank

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Hari Beldona (ACA) (1533 Points)
Replied 28 July 2021

You need not report in ITR you will get message from Income Tax Department as an e-campaign in the system, you have to explain the source of such high value transactions

1 Like

Vinod Kapoor (Taxpayer) (112 Points)
Replied 28 July 2021

Is the Threshold Limit of 'Specified High Value Transactions' required to be reported by the Banks to Tax Authorities is same for FY 2020-21 and FY 2021-22 ?

1 Like

Vinod Kapoor (Taxpayer) (112 Points)
Replied 29 July 2021

Kindly tell me more about message to be received from e-campaign.

Is the message sent to everyone who does a 'High Value Transaction'.

Is the message received through e-mail or SMS or in the system on login to e-filing site?

Hari Beldona (ACA) (1533 Points)
Replied 29 July 2021

In ITR show interest earned as income from other sources- Gross interest ( Which is reflected in 26 AS) on Term Deposit/Fixed Deposit. If you download 26 AS interest portion & Gross interest will be there, if you use Json utility gross interest as above said and TDS under prepaid taxes Rs. 10,000 deduction will be allowed for senior citizens Rs. 50,000 including SB interest

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Vinod Kapoor (Taxpayer) (112 Points)
Replied 29 July 2021

Sir,

Please refer to the earlier reply sent by you.

Kindly tell me more about message to be received from e-campaign. Is the message sent to everyone who does a 'High Value Transaction'. Is the message received through e-mail or SMS or in the system on login to e-filing site?

Hari Beldona (ACA) (1533 Points)
Replied 29 July 2021

SMS sent to everyone does High value transactions, High value means abnormal credits or debits in your bank account

1 Like

Nidhi (Chief Accountant) (3150 Points)
Replied 29 July 2021

Agree with Hari beldona ji

1 Like

Vinod Kapoor (Taxpayer) (112 Points)
Replied 29 July 2021

High Value Transactions' required to be reported by the Banks to Tax Authorities is same for FY 2020-21 and FY 2021-22 ?

Vinod Kapoor (Taxpayer) (112 Points)
Replied 29 July 2021

High Value Transactions' required to be reported by the Banks to Tax Authorities is same for FY 2020-21 and FY 2021-22 ?

Upgrade to CAclubindia Pro. Subscribe Now!

Vinod Kapoor (Taxpayer) (112 Points)
Replied 29 July 2021

Is the Threshold Limit of 'Specified High Value Transactions' required to be reported by the Banks to Tax Authorities is same for FY 2020-21 and FY 2021-22 ?

1 Like