We all are aware of Government’s Income Disclosure Scheme, that was introduced in the Union Budget 2016-2017 in order to keep a check on black money. According to this scheme, which ended on 30th of September 2016, black money holders could convert their hidden income into white, by paying 45 percent of that amount as penalty, surcharge and tax.
On October 1, 2016, government disclosed that under this scheme, around Rs 65,250 crores were received from 64,275 declarants.
However, Government once again proposed a new scheme this week, as per which, a person can declare his black income by paying 50 percent of that amount as surcharge and tax. A penalty of up to 85 percent is applicable on those caught.
Today, the Ministry of Finance revealed that Income Tax Department has rejected a declaration filed by a Mumbai family
Yes, a family of 4 from Bandra, Abdul Razzaque Mohammed Sayed, his son Mohammed Aarif Abdul Razzaque Sayed, wife Rukhsana Abdul Razzaque Sayed and sister Noorjahan Mohammed Sayed filed a declaration of a whopping Rs 2 lakh crores, which is thrice the total amount that the department received till the 30th of September.
The department rejected it because the officials found it to very suspicious. As per the statement, the amount was “Suspicious in nature, being filed by persons of small means”.