IT-lens now on interest income of Rs 5 lakh or more from fixed deposits

New Delhi, Aug 28 (KNN) The Income Tax Department is eyeing towards the individuals who have interest income of Rs 5 lakh or more from fixed deposits but are escaping tax.

In an interview to TOI, senior officer in the Central Board of Direct Taxes has said this.

According to the report, the focus is on those with interest income of Rs 5 lakh or more, which will include several senior citizens, many of whom either do not include this in their taxable income or simply do not pay tax or file returns.

The official also said that it will be non-intrusive and the department will rely on the enormous amount of data that it has gathered from various agencies to zero in on taxpayers whose interest income from large fixed deposits may not be properly reflected in their annual statements or simply not been disclosed.