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Atreyee K | Will IT Dept be able to track down my interest income frm FDs even if I don't disclose it while filing return? |
I have several fixed deposit accounts with State Bank of India, where I have declared my PAN number.
Now while filing my income tax return at the end of the financial year if I don't declare my interest income from those Fixed Deposits then will the Income Tax Department of India be able to track down my interest income from those FDs through my PAN number and deduct suitable taxes?
Additional Details
I have several fixed deposit accounts with State Bank of India, where I have declared my PAN number.
Now while filing my income tax return at the end of the financial year if I don't declare my interest income from those Fixed Deposits then will the Income Tax Department of India track down my interest income from those FDs through my PAN number and deduct suitable taxes?
Note: I have submitted Form 15G. So TDS will not be deducted at source. |
 |
 
mkc
 |
Dear sir,
It seems that you are trying to be smarter then the Income TAx department. I am not the right person to advise you as generally I share my views with some one who pay the correct taxes.
Any way I would like to inform you my dear friend that as per the provisions of Income Tax rule one should note submitt form 15G if his/her income is more then exempted limit after considering dedcution under Chapter VI. So hope you have taken care of this aspact while submitting the FORM 15G.
Now suppose you have not submitted the Form 15G the bank would deduct the TDS and since you have submitted the PAN they will also remit the TAx against the said PAN and in such a case there in 100% chance that IT department would be able to track the Income.
Just to chek in your case simply visit to incometaxindia.gov.in and choose the option know your tax credit. Go to the relevant section and make registration and pay the required fees and then open your account and you will be able to see how much tax is deducted against your PAN. If these information is avaialable on PUBLIC DOMAIN you can very well emagine that thay might have much more information.
hope i have suitably replied to your question |
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Sri
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its easy to trace where ever you have used PAN card. But the effect may or may not be there. even if the dept comes abck to u also, they would charge the 9% interest to the tax you were liable that year..
here they also will consider one more thing.. the expenses they incur in levying or collecting that missed tax from you should also be less than the benefit to the govt!!! :) |
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s b
 |
Yes it is traceable. Due to growing computerisation they are assessable to all our deposits and purchases as and when either we give our name, address or PAN number. Though at present small amounts are not asked but very soon they will be in their net. So be cautious. |
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razzyan n
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hi due....if your business turnover ..is some couples of lakhs ...then dont worry ..............IT dept wont waste their time investigating your case......
they don't bother ................couple of lakh earners .....go on .. |
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paul samysudamanisrihariniranjoo
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able to track. |
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Jss
 |
If TDS has been deducted from you interest income, the income tax has all the record of your income and TDS you have paid.
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akmah.jk
 |
dont take risk just disclose more ever sbi would have debited tax since you are having them ,if the those are with in a branch |
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HMT
 |
You say you have submitted Form 15G. Since your tax liability is not nil, you are not eligible to submit that form. This ammounts to fraud. The IT debt keeps a special eye on people who submit form 15G.
More over you are not declaring your Income from Other Sources.
Either pay up or keep worring. You cannot eat your cake and hold it also. |
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chit
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ues, the income tax department can trace all this. and if they catch you you in for trouble. not only will u have pay all the taxes but fine/penalties also. it your total income for the year including the interest received from bank fd does not go beyond the permissible limit ( e.g. 1,50,000 for fy 2008 2009 ) then you dont have to worry. but if your income including the interest goes beyond this limit, u have to declare all these FDs and interest there on. |
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V K B
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Consider it has been tracked!
Better you revise your Return of Income and prove you an honest citizen and were having no intention to save income tax.
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