Warning the defaulters of penal consequences, the Income Tax Department today asked assesses, who pay taxes on the basis of self-assessment, to clear their dues by March 31.
The Revenue Department said 73,388 people have defaulted on payments of self-assessment tax aggregating to Rs 3,859 crore (Rs 38.59 billion).
"Filing a return without paying the admitted amount of tax that is payable will render such taxpayer an 'assessee in default' under the provisions of the I-T Act. Such taxpayers who default in payment of self-assessment tax may invite penal consequences," the Finance Ministry said in a statement.
"Income-tax Department urges all taxpayers who have filed their returns in the current financial year and have defaulted on payment of self-assessment tax, to immediately come forward and pay the due taxes before March 31, 2013,"