Rs 2 lakh crore ‘suspicious’ declaration rejected by Income Tax Department: 5 things we know about it
The Income Tax Department has rejected a Rs 2 lakh crore declaration made by a family of four people in Mumbai under the Income Declaration Scheme (IDS).
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The I-T Department issued a release stating that it has rejected two declarations of Rs 2 lakh crore and Rs 13,860 crore made under the IDS. (Reuters file photo)
The Income Tax Department has rejected a Rs 2 lakh crore declaration made by a family of four people in Mumbai under the Income Declaration Scheme (IDS). The I-T Department issued a release stating that it has rejected two declarations of Rs 2 lakh crore and Rs 13,860 crore made under the IDS, as they were found to be made by people of suspicious nature and very small means. The I-T Department said that the declarations could have been misused. According to the I-T Department, the two declarations were “kept pending for investigation” and were not included in the total value of declarations announced on October 1, 2016. We take a look at what all we know about the Rs 2 lakh crore declaration that the I-T Department rejected:
1) The Finance Ministry release said that a family of four declarants namely, Abdul Razzaque Mohammed Sayed (self), Mohammed Aarif Abdul Razzaque Sayed (son), Rukhsana Abdul Razzaque Sayed (wife) and Noorjahan Mohammed Sayed (sister) who were shown as residents of Flat no. 4, Ground Floor, Jubilee Court, 269-B, T.P.S-III, Linking Road, Bandra (W), Mumbai, filed a total declaration of Rs 2,00,000 crore.
2) Three out of the four PAN numbers were originally in Ajmer which were migrated to Mumbai in September 2016, where the declarations were filed, the Ministry of Finance said.
3) After due enquiry, the I-T Department said it was found that these declarants were persons of suspicious nature and very small means and the declarations could have been misused. “The Department has since commenced enquiries against these declarants to determine the intention behind these false declarations,” the Finance Ministry release said.
4) TOI quoted Finance Ministry sources as saying that details such as the mobile number could also not be verified. The report added that there were suspicions that the disclosure was being made to launder money. Post-demonetisation the move could have been made to convert black money into white.
5) The report also said that the address given at the time of declaration bears a name plate of a certain ‘R R Vaid’. The residents of the housing society. “Vaid sold his flat around 10 years ago, and it has since been resold several times. We don’t know who the current owner of the flat is,” an occupant was quoted as saying.
The tax department also revised upwards the total declarations to Rs 67,382 crore from Rs 65,250 crore announced on October 1. These were made by 71,726 declarants as against 64,275 declarants announced earlier. An IDS was announced by Finance Minister Arun Jaitley in Budget 2016. Under the scheme, declaration of undisclosed income or assets could be made by agreeing to pay 45% of the declared amount as tax, surcharge and penalty. The scheme closed on September 30.
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