Today a business man from Gujarat has declared the highest ever black money amount to the Income Tax department.
— Tv9 Gujarati (@tv9gujarati) December 2, 2016
The CA of the business man held a press conference and confirmed that his client had declared all the black money he had accumulated since many years. He says that the businessman was resident of Ahmadabad and has his business in Mumbai and many other states.
The CA said that he was not sure whether his client had black money and asked him to declare since it’s impossible to hide so much black money and it would invite huge amount of tax if he got caught. He also states that his client had doubts about the Income Tax act and he was apprehensive about declaring.
But after the new Income Tax act rules were implemented, the Businessman has declared black money worth 13,000 crore. This is the first time that anyone has declared such huge amount of black money and all the documents related to him have been submitted to the Income Tax office.
The CA also states that until now people never felt that there was compulsion to declare the black money since there was no force. And even when they declared, they used to show very low profit and payed minimum tax which. But now things have changed, the new rule by Modi government has made everyone think twice about hiding their black money.
With the new income Tax act, more people will definitely come forward to declare their assets and turn their money white as they will face more trouble if they are caught. If they declare themselves, then they can avoid 80% penalty said the CA of the businessman.