A Mumbai family has disclosed an undeclared income of Rs. 2 lakh crore ($ 40 billion). The family of four lives in Bandra area of India’s financial capital.
Granting a one-time amnesty, the Indian government launched the Income Disclosure Scheme earlier this year, allowing people to pay 45 per cent tax, surcharge and penalty on undisclosed income.
The income declared by the Mumbai family is three times the total undisclosed income declared under this scheme before it closed on September 30t, which was Rs. 65,250 crore ($13 billion).
However, India’s Finance Ministry has refused to accept the disclosure and grant amnesty to the family. The ministry said the declaration was “suspicious in nature and, being filed by persons of small means.”
Income Tax Department rejected 2 sets of declarations of Rs.2,00,000 Crore & RS.13,860 Crore made under IDS 2016 before 30th November,2016.
— Ministry of Finance (@FinMinIndia) December 4, 2016
It has ordered an investigation into the matter.
The family of four -- Abdul Razzaque Mohammed Sayed, his son Mohammed Aarif Abdul Razzaque Sayed, wife Rukhsana Abdul Razzaque Sayed and sister Noorjahan Mohammed Sayed, are residents of Bandra.
The finance ministry said in a statement that three out of four Permanent Account Numbers of the family were registered in Ajmer in Rajasthan and were moved to Mumbai just last year.
The Finance Ministry has also rejected the income disclosure by another person, Mahesh Shah from the state of Gujarat.
Shah is a low-profile real estate dealer and had declared a previously undisclosed income of Rs. 13,860 crore under the government’s income disclosure scheme. He has reportedly told income tax sleuths that the money belonged to many politicians, bureaucrats and builders.
India’s Income Tax department said that in both the cases, the declarations were of “suspicious nature” by the people with “very small means”. The department has said an investigation is on to establish the “intentions behind these false declarations”.
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