Mumbai family declares Rs 2 lakh crore under IDS, IT department rejects declaration
Investigations from the income department had revealed the declarants to be persons of suspicious nature, and with very small means. The declarations were rejected because the department suspected that they could be misused
The Income Tax department on Sunday rejected two declarations of Rs 2 Lakh crore and Rs 13,000 crore made under Income Declaration Scheme (IDS), after the agency found them to be fake in its inquiry, Hindustan Times reported.
A family of four declarants namely, Abdul Razzaque Mohammed Sayed (self), Mohammed Aarif Abdul Razzaque Sayed (son), Rukhsana Abdul Razzaque Sayed (wife) and Noorjahan Mohammed Sayed (sister), residents of Bandra, Mumbai filed a total declaration of Rs. two lakh crore. But the IT-department has rejected their declaration.
Investigations from the income department had revealed the declarants to be persons of suspicious nature, and with very small means. The declarations were rejected because the department suspected that they could be misused.
The I-T department had rejected another bogus declaration of Rs 13,860 crore from a Gujarat-based businessman, named Mahesh Shah, who had vanished just days before the date of paying interest on the disclosed income. Shah, however, appeared on a television channel on Saturday. He claimed that he made declarations on behalf of several big shots of Ahmedabad for commission before being arrested by IT sleuths on air.
An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assets could be made by agreeing to pay 45% of the declared amount as tax, surcharge and penalty. The scheme closed on 30th September,2016.