STASH UNDER IDS TO BE REVISED

The Centre is likely to revise black money disclosed under IDS to `55,000 crore as a Hyderabad-based realtor and his associate, who had declared `10,000 crore have defaulted on tax.

The Centre is likely to revise downwards blackmoney disclosed under Income Declaration Scheme (IDS) to around `55,000 crore as a Hyderabad-based realtor and his associate, who had declared `10,000 crore under the amnesty scheme have defaulted on tax payments.

Last month government had said that declarations received and taken on record during the scheme was `67,382 crore which had been made by 71,726 declarants

According to sources a Hyderabad-based realestate businessman had declared a black money of `9,800 crore in the Income Disclosure Scheme (IDS) that closed on September 30. There were 2-3 person associated with the realtor who had declared `2,000- 3,000 crore.

The realtor and his associates have failed to deposit the first installment of tax which was due on November 30, said sources.

The realtor alone was supposed to pay `1,100 crore of first installment of tax by November 30.

The government had given the option to the declarants of paying tax amount in three installments up to September 30, 2017. The first installment of 25 per cent was due on November 30.

I-T has raided offices and houses of these defaulters and will also be taking action against them. “Most of the declarants have paid the first installment,” the official added. I-T department had said in November that a Sayed family from Mumbai-Ajmer had disclosed an unprecedented `2 lakh crore during the IDS.

Also `13,860 crore was declared during the blackmoney amnesty scheme by Mahesh Kumar Champaklal Shah from Ahmedabad.

INCOME -TAX OFFICIALS had rejected two declarations worth `13,860 crore as fake claims