I-T lens on Rs2,13,860-cr `fake’ disclosures as IDS bares Rs67,382 cr

The Income Declaration Scheme 2016 yielded around Rs67,382 crore in unaccounted money even as the Income Tax Department did not take into consideration the much-talked about Rs13,860 crore declaration made by an Ahmedabad man and a Rs2,00,000 crore of income owned up by a Mumbai family of four, totaling Rs2,13,860 crore.

The I-T department rejected disclosures by a family of four headed by one Abdul Razzaque Mohammed Sayed, from Bandra, Mumbai, totalling Rs2,00,000 crore, as three out of the four PAN numbers were originally in Ajmer, which were migrated to Mumbai in September 2016.

The Income Tax Department also did not take into consideration the much-talked about Rs13,860 crore declaration made by the Ahmedabad-based land dealer Mahesh Kumar Champaklal Shah and the Rs2,00,000 crore declared by the family members of Abdul Razzaque Mohammed Sayed in Mumbai

I-T department decided to investigate the genuineness of these two declarations from Mumbai and Ahmedabad as it doubted the genuineness of the declarations. These were not included in the total value of IDS declarations announced on 1 October, it said.

The revised figure of black money disclosed under Income Declaration Scheme (IDS) now stands at Rs67,382 crore, assuring a little over Rs30,000 crore in direct tax revenue for the government.

The Ahmedabad-based businessman has threatened to disclose the names of politicians and businessmen for whom he was acting as a front.

''Among the declarations received, there were two sets of declarations of high value which were not taken on record in the above figure because they were found to be suspicious in nature being filed by persons of small means,'' the finance ministry said in a statement.

''After due consideration, the Income Tax Department decided by November 30, to reject these two sets of declarations of Rs 2 lakh crore and Rs 13,860 respectively. The Department has commenced enquiries against these declarants to determine the intention behind these false declarations,'' said the ministry's statement.

''On October 1, 2016, it was announced that declarations totalling Rs65,250 crore were received from 64,275 declarants, subject to reconciliation,'' the finance minister stated..

''After final reconciliation the revised figure of actual declarations received and taken on record was Rs67,382 crore, which had been made by 71,726 declarants,''it added.

Former finance minister P Chidambaram said in a tweet, ''There is a Rs13,860 crore hole in the Rs65,000 crore IDS! How many more holes?''