Businessman declares Rs 13,000 crore under disclosure scheme, fails to pay tax

[Singh bling]

Quote

http://timesofindia.indiatimes.com/city/ahmedabad/Businessman-declares-Rs-13000-crore-under-disclosure-scheme-fails-to-pay-tax/articleshow/55748408.cms

AHMEDABAD: The Income Tax Department is investigating a most peculiar case in Ahmedabad. A businessman who voluntarily disclosed unaccounted income+ of a whopping Rs 13,000 crore is now under the scanner for what seems to be a silly slip - he forgot to pay the tax on the unaccounted income.

 

Mahesh Shah had voluntarily declared Rs 13,000 crore as unaccounted income under the Centre's Income Declaration Scheme (IDS) on September 30, the very last day of the scheme. The IDS offered immunity to those who declared their unaccounted income once they paid the tax.

 

 

 

But this is where Mahesh Shah seemed to slip. IT Department officials say Shah failed to pay the first installment of the tax - an amount of Rs 975 crores — by November 30. After this, the Rs 13,000 crores were "declared black".

 

Here is the latest and that is Mahesh Shah is released. He spent long duration of 1 night in custody for defaulting 7000 crore in tax. And some day dreamers believe that Jan dhan account holders which are lending their account for black money will be in jail

[beetle]

What are you trying to prove? This only proves that the tax authorities are keeping a hawks eye on such people

Now he loses the benefit of the immunity ...loses money.

Besides abhi to picture shuru hui hai.

You really have lost your mind .....and looks like a lot more than your mind.

[urbestfriend]

2.4 Lakhs was the highest tax he paid prior to this disclosure, now that we know he is fronting for many politicians, businessman etc, does CBI and IT go after them? Or they stop at this man?

[Singh bling]

8 hours ago, radhika said:

What are you trying to prove? This only proves that the tax authorities are keeping a hawks eye on such people

Now he loses the benefit of the immunity ...loses money.

Besides abhi to picture shuru hui hai.

You really have lost your mind .....and looks like a lot more than your mind.

He himself declared  14000 crores and estimated tax which Govt should got is around 7000 crore , yet this man is walking free? And you don't find it surprising  and praising Tax department for that .I am speechless

[mishra]

http://m.timesofindia.com/india/Income-Tax-department-rejects-declarations-of-Rs-2-lakh-crore-and-Rs-13860-crore-from-Mumbai-and-Ahmedabad/articleshow/55790424.cms

 

It is 2 lakh crore from Syeds of Mumbai family. change the op.

If 68,000 crore was registered under recently ended IDS, how the hell all of sudden so much apears from nowhere.

Unless, Someone simply submitted it all now and backdated it or altered some figure.

 

[mishra]

3 hours ago, Singh bling said:

He himself declared  14000 crores and estimated tax which Govt should got is around 7000 crore , yet this man is walking free? And you don't find it surprising  and praising Tax department for that .I am speechless

Its dubious to say least. Enquiry needed

[Mariyam]

5 hours ago, Singh bling said:

He himself declared  14000 crores and estimated tax which Govt should got is around 7000 crore , yet this man is walking free? And you don't find it surprising  and praising Tax department for that .I am speechless

Arrests by the IT officials are quite rare. What the IT department generally does is sends notices and tries to have the defaulter hypothecate his/her property.

[tweaker]

The declaration of Rs 200,000 crore wealth by a four-member Mumbai family confounds the Income Tax Department, especially due to their middle class antecedents.

 

However, a terse statement by the Central Board of Direct Taxes (CBDT) rejecting the family's claims stunned Mumbaikars, who are used to the filthy rich in the country's commercial capital.

CBDT spokesperson Income Tax Commissioner Meenakshi Goswami said the family made the disclosure at the IT Office in Mumbai.

 

"This high-value declaration was found to be suspicious, so it has not been taken on record," she said in a statement.

 

The family comprises Abdul Razzaque M. Sayed (self and declarant), wife Rukhsana, son Mohammed Aarif and sister Noorjahan Mohammed Sayed.

Despite their stupendous net-worth, the Sayeds' sources of income and details of their business remains unknown.

 

Their net-worth declaration of around Rs 200,000 crores is 14 times more than the Ahmedabad realty trader Mahesh Shah's admission of Rs 13,860 crore.