65,250 crore black money disclosed by deadline

Finance Minister Arun Jaitley said that RS 65,250 crore in black or untaxed money has been disclosed under the Centre’s Income Declaration Scheme (IDS). The one-time compliance window closed . Under the scheme, launched on June 1, those who evaded taxes were allowed to avoid punishment by paying tax, penalty and cess totalling 45% of the declared income. Reiterating that the

one-time window was not an amnesty scheme like the 1997 one, Jaitley said the tax collected in the 1997 Voluntary Disclosure of Income Scheme (VDIS) was Rs 9,760 crore with an average declaration of Rs 7 lakh.

The tax collected from the Income Declaration Scheme (IDS) 2016 will go into the Consolidated Fund of India and will be used for larger welfare of people, he added.

the scheme, which was available from June 1 till the midnight of September 30, the finance minister said the tax authorities were still tabulating the declarations, both in physical and electronic form.

  

Roughly, the declarations work out to Rs 1 crore per declarant. Some will be higher, some will be lower,” he said, but ruled out any revelation of the names of the people who have availed of the scheme.