IT department to send 7 lakh notices to tax defaulters

In an effort to nab tax defaulters, the income tax department on Thursday said that it will be issuing seven lakh notices to people who have made big transaction from 2009 to 2016 without disclosing their PAN numbers.

According to NDTV, these notices are being sent to people who have deposited ₹ 10 lakh or more in savings account and those who have bought or sold property worth ₹ 30 lakh or more.

The motive behind issuing these notices is to direct people to provide their PAN number (a unique 10 digit number which helps the IT department track financial transaction) against the transactions through an electric response on the e-filing portal.

This decision comes a day after the cabinet approved the Benami Transactions Bill, which allows the government to confiscate assets held in the name of another person or under a fictitious name to avoid taxation.