SFT-005 information related

Gross amount received is the amount debited from the bank account of the taxpayer during the relevant F.Y. 

Gross amount paid is the amount credited in the bank account of the taxpayer during the relevant F.Y.

FDR renewed is neither the amount paid nor received by the bank

It is correct

Certainly, let's clarify the terms "Gross amount received from the person" and "Gross amount paid to the person" as they relate to SFT-005 (time deposits) in the Income Tax Department's Compliance portal:

1. Gross Amount Received from the Person: This refers to the total amount that has been debited from the individual's bank account during the financial year for the purpose of opening Fixed Deposits (FDs). It's important to note that this includes:

   • All new FDs opened during the financial year.
   • Does not include FDs that are renewed, as the renewal doesn't involve debiting the amount anew from the bank account.

   Therefore, the formula is:

   • 
     Gross amount received from the person = Sum of all amounts debited from the person's bank account for opening new FDs during the FY.

2. Gross Amount Paid to the Person: This refers to the total amount credited to the individual's bank account during the financial year as a result of the maturity or closure of FDs. This includes:

   • All FDs that have matured or been closed during the financial year.
   • Excludes FDs that are renewed, as the renewal doesn't involve crediting the maturity amount back to the bank account.

   The formula here is:

   • 
     Gross amount paid to the person = Sum of all amounts credited to the person's bank account as a result of FDs maturing or closing during the FY.

In summary:

• For amounts received, you look at the total debited for opening FDs, excluding renewals.
• For amounts paid, you consider the total credited due to FD closures or maturities, also excluding renewals.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal