To meet their banking needs, many people, including those with regular salaries, often open savings accounts to keep their money safe and earn interest.

You need to report the income earned between April 1, 2023, and March 31, 2024, during the fiscal year 2023–24. The filing of returns and declaration of investments for tax assessment occurs in the Assessment Year (AY), the reviewing year for FY 2023–2024.

The Income Tax (I-T) department has uncovered tax evasion totaling approximately Rs 10,000 crore over the past three years, according to The Economic Times.