POSTED BY February 28, 2013 6:25 pm COMMENTS (2)ON
Just wanted to check, whether is it a good way of dealing investing in fixed deposits without paying taxes.
I have come across from one of my colleague, who is working with me. He had invested 25K/Month (recurring Deposit) in some co-operative bank for 1year & he got matured amount of almost 3.2lakhs & reinvested/deposited in FD’s in different multiple banks/branches to avoid TDS & also without submitting his PAN Card.
As he did not submit his PAN Card to the banks, he is not showing/adding interest amount earned to his income, while submitting form C.
Is there any possibilities, Can IT Department track his interest earned on FD’s and will be any issues in future?
Thanks, SP Pathan.