I-T notices to 35,000 assessees likely next week: Chidambaram

The income tax department is likely to send notices to 35,000 assessees next week, based on their expenditure patterns and financial transactions tracked by the revenue department, finance minister P Chidambaram said today.

This is part of the revenue department's efforts to beef up efforts to reach the annual tax collection target, Chidambaram said.

''We have issued notices to 35,000 people saying that on the basis of information we have, you should have filed your return. Another 35,000 notices are going next week,'' he said in a television interview.

Chidambaram said the income tax department has been collecting information on people's expenditure patterns and their financial transactions during the financial year.

''You cannot hide any longer ...therefore, today the best policy is to admit your income and pay tax... The tax base will rise and we will find more people admitting to more income,'' he said.

The government has set a tax revenue generation target of over Rs5,70,000 crore for the current fiscal and hopes to collect around Rs5,65,000 crore by 31 March.