Income Tax on Small Savings: War against deposits of income tax, will keep an eye on your small savings
The Income Tax Department is running a campaign to catch tax evasion. The department is strictly monitoring all ITR returns and investments. Recently the Income Tax Department has caught ‘benami deposits’ on small savings. The department is keeping a close eye on this. These are the deposits which are not mentioned anywhere in the ITR return.
According to the Income Tax Department, the department has taken under its scrutiny more than 50 lakh investments on small savings schemes. These are the deposits made through Kisan Vikas Patra and National Savings Certificate.
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income tax sending notice
Small savings schemes Kisan Vikas Patra and National Savings Certificate are ‘benami deposits’ of many people on the clutches of income tax. For this, the Income Tax Department is sending notices to those who have deposits of more than 1 crore without ITR return. According to media reports, these investments have been made in the name of minors and children. Till now the Income Tax Department has sent notices to 150 people.
They will have re-KYC
According to ET’s report, the Income Tax Department has asked the post offices to re-verify the KYC (Know Your Customer) of its account holders. In this, there are those investors of small saving scheme who have invested 10 lakh or more. According to the information, the investors will be investigated by putting them in the categories of low risk, high risk and serious risk.
These people cannot invest in small savings
According to the information, NRI and HNI i.e. Non Indian Resident and High Net-worth Individual i.e. whose income is very high. They cannot invest in these small saving schemes. Recently, the Department of Posts had issued a master circular. According to the circular, the postal department had asked the post offices to freeze all those accounts which are not following the KYC norms properly.
Source: www.tv9hindi.com
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