Income Declaration Scheme : Black money worth Rs 65,250 crore disclosed
New Delhi, Oct 01: A whopping Rs 65,250 crore 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. The four-month window for tax evaders to come clean on black money ended on Friday.
Jaitley said the figure will be revised upwards as the tax department is still processing some declarations.
Under the scheme, launched on June 1, those who had evaded taxes were given the opportunity to avoid punishment by paying tax, penalty and cess totalling 45 per cent of the undisclosed income. This means that the government will get around Rs 30,000 crore as tax revenue from the scheme.
The payments have to be made in three instalments till September 2017.
Prime Minister Narendra Modi had earlier warned black money holders of stringent action including imprisonment after September 30, when the scheme ended.