IT officials to surveil FD account yielding lump sum interest
Posted on: 01/Sep/2017 10:04:10 PM
The government seems to be taking all possible measures to make the tax net wider in India. Recent media reports state that those who have income above Rs 5 lakh out of their fixed deposit shall fall under the radar of IT authorities. The bank accounts of these people will be closely surveilled. Those who don’t pay tax in spite of getting huge income against fixed deposit will be closely investigated.
Furthermore, accounts of senior citizens who do not consider their taxable income generated as interest against FD will be closely surveilled by Central Board of Direct Taxes officers.
Fixed deposits are being given increased interest because a lot of professionals dealing with bulk cash amounts enjoy luxurious lifestyle without filing their tax return.
The IT department believes to get the needed information about such accounts through these banks. Reports state that a lot of agencies should also provide substantial data so as to track people who are deliberately not paying tax.
Big frauds will be the prime point of focus. A senior official states that big evaders will be their point of hunt. As small time cases or individuals will not be producing more returns, they will not be chased.
