Taxmen now targeting fixed deposits earning interest of Rs 5 lakh or more

The income-tax department is reportedly focusing on individuals who earn high interest from fixed deposits but do not include this income earned in taxable income while filing returns.

According to a report in the Economic Times, I-T is chasing those with interest income of Rs 5 lakh or more but do not mention it in tax returns. Information is being obtained from banks as they deduct tax at source (TDS) on FDs. In some cases, despite falling in the 30% bracket, individuals are paying only 10% tax

"The move is part of attempts being made by the government to widen