Leading from Gujarat: Around Rs 14000 crore declared Under Centre's IDS
In what can be said as the biggest declaration on black money of all time, a businessman from Gujarat declared a whooping 13,860 cr.
Mahesh Shah, Ahmadabad-based property dealer declared his income under the Centre's Income Declaration Scheme (IDS) on September 30, the very last day of the scheme.
Though he declared his income under time, but he failed to deposit the tax, first installment of tax – a sum of Rs 975 crore – by November 30, thus leading to his declaration of Rs 13,000 crore being termed as “black money”
Later when I-T department conducted an enquiry, they started feared Shah’s ability to pay the installment by the due date. Thus by November 28, I-T department cancelled his IDS Form-2 and initiated search operations the next day.
He can be arrested due to non-payment of tax and possession of black money.
What is IDS
Income Declaration Scheme (IDS) offers immunity to those who declare their unaccounted income and pay their tax on that money.