Disclosure under IDS crosses 800crore in Surat

SURAT: The Surat income tax (I-T) department has received a phenomenal success with the total disclosure under the Income Declaration Scheme (IDS) crossing Rs 800 crore on Tuesday.
After the disclosure of Rs 92 crore by a leading real estate and hotel group on Monday, five other groups including the real estate developers and textile traders on Tuesday declared Rs 68 crore under the IDS.
Official sources said that a real estate developer in the city had declared Rs 152 crore last week, which is one of the biggest disclosure by a single party.
Till now, the I-T department has received Rs 800 crore under the IDS scheme. Around 95 per cent of the disclosure has come from city-based real estate developers in the city.
Tax authorities plan to seek details from various entities against whom there is specific information of having undisclosed assets, as part of the domestic black money disclosure scheme.
Sources said such a move would act as a deterrent against those holding illicit assets and nudge them to come clean. Such entities will now have the opportunity to participate in Income Disclosure Scheme (IDS) before it ends on September 30.
The Tax Department is considering sending e-mails to the entities against whom it has information of not disclosing assets that are taxable, the sources said.
Sources said that the I-T office will function till late night on September 30. Those who want to disclose their benami income can come to the I-T office at Majura Gate. tnn