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IT earnings on non-tax payers despite high interest income through bank FD

An attempt to achieve a target to increase the number of taxpayers in the country

New Delhi, Ta. August 28, 2017, Monday
The income tax department is open on thousands of people with high interest income but not paying income tax through fixed deposits. The tax department has decided to conduct inquiries into persons currently having interest of more than Rs 5 lakh but do not pay income tax or file returns or show interest income to them. These individuals also include senior citizens, a senior tax department official said.
These movements are part of the government's steps to increase tax levels. The tax department plans to hire professionals who are involved in the consultancy business, including lawyers, who charge fees in cash and also lead a life of impoverishment.
During the last year's demotixation exercise, the department officials said the action was being taken on the basis of various datasets received by the Income Tax Department. However, when a large amount of TDS is being deducted by banks on fixed deposits, such person is caught in the tax net. But it is seen that the tax has not been filled up. Banks are checking the tax department's deduction of TDS tax.
However, we want to catch large fishes. Sources said that the department will not worry about the people having a small interest income. The department's target is to increase the number of taxpayers by one crore. The current fiscal year is aimed at increasing the revenue through direct tax to Rs 9.80 lakh crore. This will be possible only by increasing the number of taxpayers, sources added.


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