More than 28% income disclosures from rural and semi-urban areas

Though income tax department has yet to disclose the total amount of black money surrendered in Indore region under Income Declaration Scheme (IDS), it has been revealed that more than 28% of total declarations have come from rural and semi-urban areas.

Though income tax department has yet to disclose the total amount of black money surrendered in Indore region under Income Declaration Scheme (IDS), it has been revealed that more than 28% of total declarations have come from rural and semi-urban areas.

This signals narrowing gap between rural and urban divide as far as stashing of unaccounted wealth is concerned. Since figures are still under computation, this figure may go up. Department officials said people and business establishments from small cities and rural areas have declared large sums of unaccounted income under IDS which ended on September 30. Indore region comprises 15 districts of Indore and Ujjain divisions.

“Declarations (of unaccounted income) have been made from every district of Indore region, including tribal predominant Jhabua. And they are in considerable amount,” chief commissioner of income tax department Vinod Kumar Mathur said.

Most people, who surrendered unaccounted income, include people associated with stock trading, healthcare services and real estate.

A week before IDS ended, the department contacted 500 businessmen, 200 doctors and top 10 beauty parlours in city to declare unaccounted cash and stocks. They were warned that their unaccounted wealth would be unearthed through surveys and searches if they don’t avail the IDS.

I-T raids on two firms yield Rs 25.5 crore unaccounted cash

Income-tax raids on the showrooms and offices of Punjab Jewellers and Advin Tyres last week have yielded unaccounted income of Rs 25.5 crore, income tax department officials said on Monday. Sixteen of these premises are located in Indore, four in Bhopal.

According to department officials, Punjab Jewellers have surrendered unaccounted income of Rs14 crore while Advin Tyres surrendered Rs 7 crore. In addition, K K Soni, who has business links with Punjab Jewellers, surrendered Rs 4.5 crore of unaccounted income. The searches began on Wednesday and continued till late Friday night.

The teams, comprising 40 officials and policemen, carried out raids in the showrooms, shops at Bada Sarafa, MG Road, Sapna Sangeeta Road in Indore, in addition to the residences of the owners, promoters and associates. The teams have confiscated documents, laptops and computers for evidence. The search in jewellery showrooms came a week after similar raids were conducted in Maharashtra on September 15.