After the Government of India’s Income Declaration Scheme(IDS) comes to an end on September 30, Finance Minister Arun Jaitley called a Press meet to share the details about the success of the scheme. The four-month window for tax evaders to come clean on black money had ended on Friday.
₹ 65,250 crores in black or untaxed money has been disclosed by 64,275 declarants under the centre’s Income Declaration Scheme so far, Finance Minister Arun Jaitley said today.
However, he also mentioned that the figure will be revised upwards as the tax department is still processing some declarations.
“Roughly, the declarations work out to ₹ 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.
The Government of India started this scheme on June 1 and mentioned that under the scheme those who had evaded taxes were given the opportunity to avoid punishment by paying tax, penalty and cess totalling 45 percent of the undisclosed income.
And this means that the government will get around ₹ 30,000 crores as tax revenue from the scheme.
Prime Minister Narendra Modi had earlier warned black money holders of stringent action including imprisonment after September 30 when the scheme ended.
The government had last year come out with a similar scheme for Indians holding undisclosed income abroad under which assets worth ₹ 4,164 crore were declared.
The payments have to be made in three instalments until September 2017. The first instalment of 25 per cent under the scheme will have to be paid by November 2016, followed by another 25 per cent by March 31, 2017. The remaining amount will have to be paid to the exchequer by September 30, 2017.
