Man forgets to pay tax for ₹13,000 crore going to lose

Many people remember the amnesty scheme offered by the government few months ago.

A businessman in Ahmedabad decided to use this scheme.

However, he made a small mistake when he declared his ₹13,000 crore and because of that, his money is still black.

He forgot to pay his tax on his unaccounted money. Read to know more details about who he is and what happened.

Mahesh Shah, a businessman from Ahmedabad wanted to come clean about his black money.

He declared his ₹13,000 crores unaccounted money.

Due to the minor error of not paying tax for his money, he is now facing a penalty from the Income Tax Department.

Earlier, the Income Declaration Scheme (IDS) was given by the government for black money hoarders to come clean. This was before the demonetization of higher notes.

The government offered the choice of coming clean about black money without penalty or imprisonment.

Shah is one of the few people who decided to take the government’s amnesty. He disclosed his money on September 30th which was the very last day of the Income Declaration Scheme.

If he had paid the first instalment of his tax, he would have been able to keep his income without problems.

The amount he had to pay was just ₹975 crores at that time.

However, now, his income has been declared black by the Income Tax Department officially.

There will be a further investigation in this matter to find the source of that income.

The officials from the Income Tax Department are saying that there are allegations of Shah declaring black money on behalf of several rich people in Ahmedabad.

After the demonetization, many rich people who stored black money with them did various moves to save their unaccounted income.

However, this is one of the most peculiar cases seen by the Income tax department in recent time.

Image by Kamalakannan PM from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/photos/rupees-money-indian-currency-note-435450/