Black Money
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7 Lakh Tax Notices Sent To Those With Sizable Transactions

With push to track down black money and tax defaulters, the Income Tax department has sent out more than 7 lakh tax notices to those who did not provide their PAN numbers, and more may be sent out. With assistance from banks, the notices were sent out to those who from 2009 had either deposited more than 10 lakhs in their account or bought or sold property worth Rs 30 lakh or more.

Source: NDTV

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Income Tax Department of India
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Today, only 4% of voters are income tax payers and only 5.5% of earners pay any income tax. Also, only 15% of income is being reported, meaning 85% of income is not being reported or exempted from income tax as it is for farming income. So, if India has to advance and progress, this has to chance as it is for developed countries.

Source: The Hindu

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