New Delhi: Do you have a bank’s FD, income tax trace. Do you have a bank’s FD, income tax trace. The eyes of the Modi government and the Income Tax department have been engaged on your account and transactions since the ban on printing. If you have made a bank’s FD of 5 lakh rupees or more, then it is time to be careful.
The Income Tax Department is tracking the highest FD FD. The department is investigating whether the interest paid on the FD has shown when you filed the income tax return. The department is also looking at whether the person making the FD of millions of rupees is filing a regular income tax return.
According to the Act of Income Tax, you have to show the interest received from the FD in return for filing returns. Although interest is not available at current time up to Rs 10,000, there is a tax on more interest. In such a case, when filling an income tax return, interest from FD can not be expensive to show in income.
If income tax comes to the scrutiny of the department that you have not seen interest income then action can be taken against you. People often do not give details of the interest paid on FD when filing income returns.