16/01/2023
Many Taxpayers mis-report or under-report their interest income either due to unavailability of information with them or to avoid payment of tax on such income. To curb the Tax avoidance income tax department mandates the banks and other financial institutions such as Post Office and finance companies to provide the details of interest paid to their depositors. Earlier banks and finance companies had to report such transactions under section 285BA of Income Tax Act when the aggregate amount exceeded Rs 5000.
Many Taxpayers mis-report or under-report their interest income either due to unavailability of information with them or to avoid payment of tax on such income. To curb the Tax avoidance income tax department mandates the banks and other financial institutions such as Post Office and finance compani...
