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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Where in ITR to report High Value Transaction done by me.
Replies (12)
Not required to show in ITR as it is already shown by your bank
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
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 ?
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?
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
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?
SMS sent to everyone does High value transactions, High value means abnormal credits or debits in your bank account
Agree with Hari beldona ji
High Value Transactions' required to be reported by the Banks to Tax Authorities is same for FY 2020-21 and FY 2021-22 ?
High Value Transactions' required to be reported by the Banks to Tax Authorities is same for FY 2020-21 and FY 2021-22 ?
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 ?
Otherwise how bank will come to know?
Information about the bank transactions should not be shared by Bank except few authoro
Information about the bank transactions should not be shared by Bank except few authoro
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