Mahesh Shah: Gujarat Businessman Declares Rs.13000 Crore Unaccounted Money
Yesterday, 2nd December, 2016, Income Tax Department is investigating a most weird case in Ahmedabad. Ahmedabad business man, Mahesh Shah declares Rs.13,000 crore as an unaccounted money.
Now he is under the scanner for he forgot to pay the tax on the unaccounted income. Mahesh Shah had willingly declared Rs.13,000 crore as unaccounted income under the Centre’s Income Declaration Scheme (IDS) on 30th September, 2016.
The sad part is that Shah could have retained his income in white had he paid the first installment of the tax, which was a comparatively measly amount of Rs 975 crores by 30th November, 2016.
The IDS offered protection to those who declared their unaccounted income once they paid the tax. CA of Mahesh Shah Tehmul Sethna said that, “IT Department doing its job, they will now record Mahesh Shah’s statement.”
After that IT department revealed that, “Mahesh Shah declared black money on behalf of several big shots of Ahmedabad.” IT Department is also conducting an investigation at the offices of Mahesh Shah’s accountant.
Ahmedabad businessman declares his unaccounted money Lok Sabha passed a Bill that pursues to tax the unaccounted money deposited in banks under a new fixed-tenure Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016. While the total tax in case such unaccounted asset is declared now will be only 50%.