Earn More than Rs 5 Lakh Interest and Still Not Paying IT Returns?

Income Tax Department will focus on individuals who are gaining high returns on fixed deposits investment and still not paying taxes.  Be careful, there will be a close observance on individuals, senior citizens who are earning more than Rs 5 Lakhs and are not paying income tax.

A senior officer in the Central Board told that IT department would scan the data, collected from taxpayers as well as tax deductions on FDs.

However, there has been a massive growth in earnings based on income from interests received on large fixed deposits. So it is observed to be a more durable source of revenue.

Reports say that taxpayers who fall in 30% bracket are not paying taxes whereas taxpayers who fall under 10% category pay their taxes.

A top ranking officer told the newspaper that “Our focus is on the large evaders. There is no point chasing the smaller persons who do not yield many returns,”

Income Tax Department Seized Rs 106 Crore Cash and 127 Kg Gold through raids in Chennai

Reports stated that income tax department would also track details of professionals who get more than 5 lakhs money through cash and do not disclose the revenue amount in their annual statements.

Previously IT department had taken few steps to remove individuals who bought property with suspected benami money for never having filed their income taxes.

The move will help IT staff to reach their goal to raise Rs 9.8lakh crore from direct taxes in the coming year and also helps in widening the tax base.