Income Declaration Scheme disclosures cross Rs 1,100crore

Surat: Taxpayers in the Diamond City have filled the coffers of income tax (I-T) department as their disclosures under Income Declaration Scheme (IDS) touched Rs1,100-crore mark on Friday. I-T sources said over half a dozen realtors, textile traders, textile dyeing and printing mill owners disclosed Rs100 crore under the IDS scheme on Friday. The realtors from Pal, Saroli and Magob alone disclosed Rs 67 crore under the IDS, followed by Rs10 crore by textile traders, Rs1.50 crore by a textile mill owner, Rs 3.50 crore by a textile group and Rs 18 crore under penny stock. Until now, around 90 per cent of the disclosures under the IDS had come from real estate groups in the city, followed by textile traders and mill owners. The I-T has received very less amount of disclosures from diamond companies, as most of these companies have their headquarters in Mumbai.Out of Rs1,100 crore disclosed under the IDS, the realtors and textile traders have disclosed Rs 90 crore as tax earned through trade in penny stocks. Penny stocks are shares with value not exceeding a few rupees. Sources said the transaction in penny stock is huge in the Diamond City. The department has identified many such individuals, who may not have paid tax on money earned through trade in penny stocks. The department has issued notices to many such individuals giving them time until September 30 to declare undisclosed income under the IDS for penny stock. After the IDS scheme will get over, the tax officials will go after those who failed to fall in line.