Individuals earning Rs 5 lakh interest from FDs under IT lens
The income tax department has turned its attention to individuals who are receiving high-interest income from fixed deposits but do not include the amount in their taxable income.
According to a report by Times Of India, the special focus will be on individuals, including senior citizens, having interest income of Rs 5 lakh and above who do not pay tax on the interest income.
A senior tax official said that the department would rely on the data collected from various agencies (such as banks) on taxpayers as well as tax deductions on FDs.
There has been a rise in the earnings based on income from interests received on large fixed deposits as it is considered to be a more durable source of income.
This move will help the income tax department has to attain the target of raising Rs 9.8 lakh crore from direct taxes in the current fiscal year.