The Income Tax department will tightened noose on individuals who are getting high returns on their fixed deposits investments but are not paying the taxes. The IT department would be watching closely over those with interest income of Rs 5 lakh or more, including senior citizens, according to a report published in the Times of India. Lately, there has been a tremendous 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. Quoting sources, the report further mentioned that the tax payers who fall under the 10% bracket pay their taxes. The tax department is eyeing on a target of raising Rs 9.8 lakh crore from direct taxes in the ongoing financial year.

Source: dna August 28, 2017 06:13 UTC