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Forgot to pay tax, Rs. 13000 crore lost
Prime Minister Narendra Modi's last chance for black money holders to declare their undisclosed money ended on September 30th. After that, Modi came up with a ban on old denomination notes Rs. 500 and Rs. 2000 on November 8th.
But, Mahesh Shah, a Gujarati-based businessman, who voluntarily declared 13,000 crore unaccounted money as part of Income Declaration Scheme (IDS) on the last day (30th Sept) has reportedly forgot to pay out the first installment of tax of Rs 975 crores before 30th November.
According to IDS norms, the first installment of tax needs to be furnished before 30th November else the entire money will be confiscated by IT officials as 'black'. This led to the search operations at Mahesh's office. On the other hand, IT raids are underway on many biggies of Ahmedabad.
