Notices issued to 5000 defaulters by Income Tax department

5,000 defaulters came under the ambit of income tax notices issued by the department. More notices are planned to be issued to individuals, corporates and other assessees in Indore chief commissioner’s region. Though potential defaulters will be immunized from penalty and prosecution on making disclosure under Income Declaration Scheme.

Notices have been issued to those who have taken bogus long-term capital gains and involved in real estate transactions of purchase and sale of land and also to the people, who have not disclosed the details of cash in bank accounts beyond a certain limit, according to the department.