Jagmohan Garg Delhi;Mumbai family startles taxmen with Rs. 2 lakh crore declaration

A Mumbai-based family of four declared an income — falling under the high-value and undisclosed category — of Rs. 2 lakh crore, according to a Finance Ministry statement on Sunday.

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However, this case, along with the disclosure of Rs. 13,860 crore by an Ahmedabad resident, Mahesh Shah, were “rejected” and termed “false declarations” by the Income Tax authorities, and therefore are not part of the disclosures under the Income Declaration Scheme (IDS) announced in the Union Budget 2016-17, it added.

 

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