p FD is earning more than Rs. 5 lakhs a year GTPADHIYAR: FD is earning more than Rs. 5 lakhs a year

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Tuesday, 29 August 2017

FD is earning more than Rs. 5 lakhs a year

New Delhi: The Central Government-Income Tax Department adopts any method to increase its income. Now in this link, the income tax department has focused on the fixed deposits. Concern is over in thousands of depositors who look at the interest paid on the fixed deposits.

The people who have annual interest income of five lakh rupees or more will be taken into account, CBDT said. This includes most senior citizens. The government has noticed that there are many people who have not filed a return file and have not even paid a tax. Now these people will be ready to take action by the department of income.

This step can be found as part of the expansion of government tax base. The government will also take help of various agencies to find such people. It is noteworth here that the government has estimated an income of Rs.9.8 lakh crore this year from direct tax. The government is adopting different ways to fulfill this target. According to top one official, our focus is on big tax evasion. There is no point in taking action against those who do not get much returns.

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