Another 10 lakh Income Tax defaulters identified

The Income Tax (I-T) department has identified 10 lakh more high-risk individuals, who have made significant cash transactions through their credit cards or investments but the same had not been reflecting in their I-T returns. High-risk individuals also include those who have consistently not been filing I-T returns. Altogether, there are over 22 lakh I-T defaulters since the data-mining exercise started two years ago. Notices are to be issued to these entities soon, said an I-T official. Last year about 12 lakh individuals were identified, where their transactions didn't match with their returns, raising suspicion. More than 2.45 lakh such individuals had already been served notices for suspected tax evasion till September. Sources said that the notices issued to individuals till March had tax implications in the range of about Rs 3,800 crore.