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The Income-Tax department has rejected two sets of declarations of Rs 2 lakh crore and Rs 13,860 crore respectively made under the Income Declaration Scheme 2016 announced in this year's Budget.
The rejections were made after it was found that the declarants were persons of suspicious nature and very small means and the declarations could have been misused, an official release stated.
The Department has since commenced enquiries against these declarants to determine the intention behind these false declarations, the release added.
Under the Income Declaration Scheme, which closed on September 30 2016, declaration of undisclosed income or asset could be made by agreeing to pay 45 per cent of the declared amount as tax, surcharge and penalty.
On October 1, 2016, it was announced that declarations totalling Rs 65,250 crore were received from 64,275 declarants, subject to reconciliation. After final reconciliation the revised figure of actual declarations received and taken on record was Rs 67,382 crore which had been made by 71,726 declarants.
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