In a warning to tax defaulters, the Revenue Department said that the 73,388 self-assessment tax defaulters, who owe Rs 3,859 crore to the exchequer, should clear their dues by March 31. The defaulters would face penal action if they fail to do so.

The warning comes close on the heels of Finance Ministry issuing 70,000 notices to assesses who have failed to file income tax returns.

"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.

It said an analysis of returns filed electronically in the current financial year revealed that nearly 73,388 tax payers have defaulted on payments aggregating Rs 3,859 crore.

"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," it said.

It further said that in future the tax arrears, in case of self assessment, should be cleared along with the filing of return.

The revenue department is plugging each and every source of revenue to achieve the Rs 5.65 lakh crore mop up target under the direct taxes category for this fiscal, which will end on March 31.