IDS: Tax Dept rejects Rs 2 lakh-cr disclosures

Tribune News Service

New Delhi, December 4

After the verification of high-value suspicious declarations made under the Income Disclosure Scheme (IDS) 2016, the Income Tax Department has decided to reject two declarations of Rs 2 lakh crore and Rs 13,860 crore.

These declarations from Mumbai and Ahmedabad were kept pending for investigation and were not included in the total value of declarations announced. The declaration figure under IDS has been revised upwards to Rs 67,382 crore.

The IDS was announced in the Budget 2016-17 under which declaration of undisclosed income or asset could be made by agreeing to pay 45% of the declared amount as tax, surcharge and penalty. The scheme closed on September 30.

A Finance Ministry statement said among the declarations received under the scheme, there were two sets of declarations of high value which were not taken on record in the declaration figure because these were found to be suspicious in nature being filed by persons of small means.

A family of four namely, Abdul Razzaque Mohammed Sayed, Mohammed Aarif Abdul Razzaque Sayed (son), Rukhsana Abdul Razzaque Sayed (wife) and Noorjahan Mohammed Sayed (sister), who were shown as residents Bandra (W), Mumbai, filed a total declaration of Rs 2 lakh crore, it said.  Three of the four PAN numbers were originally in Ajmer, which were migrated to Mumbai in September 2016, where the declarations were filed.