In a startling revelation, Gujarat businessman Mahesh Shah has surprisingly declared Rs 13,000 Crore as wrong wealth to the Income Tax Authorities. The disclosure of this gigantic amount come into picture after he did not pay the tax on such a large amount. Shah’s declaration was termed as unaccounted income under the Centre’s Income Declaration Scheme (IDS) on September 30, the last day of the scheme.
However, IDS offered immunity to people who declared that they had unaccounted money and had already paid tax, but Shah can be caught on this. 13,000 crores were “declared black” by IT Department officials as Shah had not paid the first installment of tax amount of Rs 975 crore, which had to be paid on 30 November.
The IT Department officials said that they have searched at many places getting connected to Apaji Amin & Company. Tehmul Sethna, CA of Mahesh Shah says,”IT Dept doing its job, they will now record Mahesh Shah’s statement.” Search operation were carried out and the IT Department says “Shah declared black money on behalf of several big shots of Ahmedabad.” Department of Income tax will now search offices of Mahesh Shah’s Accountants.
This came out after Lok Sabha passed a Bill that seeks to tax the unaccounted money deposited in banks under under the new fixed tenure Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016. While in such unaccounted assets will only be 50% with friendly rate.