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Income Tax Department Rejects the Declaration of cash worth Rs. 2,13,000 Crore from businessmen

After announcing the voluntary disclosure scheme for the declaration of black money the I-T department rejects the huge disclosure of Rs. 2,13,000 Crore from two businessmen of Gujarat and Maharastra respectively. The Indian government had made an announcement shortly after the end of November that, whoever the comes ahead with voluntary disclosure of the black money before the 31st December will be settled with 50% tax. But according to the sources, the Income Tax department has gone back in their own words and rejected the cash worth Rs. 2.13 Lakh crore.

The news has come as a shocker to the businessmen as well as the entire nation. The Ministry of Finance has informed that the Income Tax (I-T) Department has rejected two sets of declarations of Rs 2,00,000 crore, and Rs 13,860 crore made under the Income Declaration Scheme. The declaration of Rs 2 lakh crore was made by a family of four from Mumbai – headed by one Abdul Razzaque Mohammed Sayed – and the declaration of Rs 13,860 crore+ was made by Maheshkumar Champaklal Shah+ , a resident of Ahmedabad.

These declarations were kept pending for investigation, and an inquiry revealed these the declarants were “persons of suspicious nature and very small means and the declarations could have been misused,” the Finance Ministry said in a statement. The I-T department has initiated inquiries against these declarants to “determine the intention behind these false declarations,” it added. These two declarations weren’t included in the total value of declarations announced on October 1. It was announced on October 1 that declarations worth Rs 65,250 crore had been received from 64,275 declarants – subject to reconciliation, the Finance Ministry said.

The revised figure of actual declarations received and taken on record was Rs 67,382 crore made by 71,726 declarants. The revised figure will fetch government a little over Rs 30,000 crore direct tax revenue. An Income Declaration Scheme (IDS) had been announced in the Union Budget 2016-17, under which declaration of undisclosed income or assets could be made by agreeing to pay forty-five percent (45%) of the declared amount of tax, surcharge, and penalty, the statement said. The scheme closed on 30th September 2016.

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