India's tax mystery: Why did one family declare $29 billion? - News Summed Up

India's tax mystery: Why did one family declare $29 billion?


India's fight against tax evasion has turned up a surprising and suspicious declaration -- $29 billion from a family of four. It's also higher than the estimated net worth of India's richest man, Mukesh Ambani, which currently stands at $22.7 billion. Related: India's tax dodgers still hiding hundreds of billionsPrime Minister Narendra Modi has made it his mission to stamp out corruption and tax evasion in India, where less than 2% of the population pays any income tax at all. A $2 billion declaration from a businessman named Mahesh Shah in the western state of Gujarat raised similar red flags, the Finance Ministry said. Related: Mobile payments firms are cashing in on India's rupee crisisThe big tax amnesty that ended in September isn't Modi's only effort to clean things up.


Source: CNN December 05, 2016 10:30 UTC



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