65 thousand crore rs declared under black money scheme

File Photo: Finance Arun Jaitley.

Finance Minister Arun Jaitley today said that over 64 thousand declarants have collectively disclosed Rs 65, 250 crore under the black money scheme.

Finance minister said the figures may go up as soon as all the declarations, filed online and manually, are compiled.

He added that “Rs 8,000 crore have been assessed out of HSBC list,” Jaitley also said the government had taken a lot of steps to unearth black money at “domestic and foreign level.”

File Photo: Prime Minister Narendra Modi with Finance Minister Arun Jaitley. The government gave big relief to central employees and pensioners but the central unions have rejected it and threatened to go on strike.

File Photo: Prime Minister Narendra Modi with Finance Minister Arun Jaitley. 

The IDS scheme had provided an opportunity to illegal income and asset holders to come clean by declaring their assets under the four-month window and pay 45 per cent tax and penalty.

While speaking to news agencies, Central Board of Direct Taxes chairperson Rani S Nair said, “We expect tax collection of Rs 30,000 crore from the IDS declarations.”

Prime Minister Narendra Modi took to Twitter to congratulate Revenue Secretary Dr Hasmukh Adhia and Central Board of Direct Taxes chairperson Rani Nair saying that their team had “put tremendous effort on all aspects relating to IDS-2016.” Adhia responded on Twitter by saying that he was “grateful” to PM Modi for congratulating him.

Talking to media, Jaitley said the IDS 2016 was “not an amnesty scheme like VDIS of 1997” as the government didn’t intend to benefit non-tax compliant vis a vis tax compliant. He also said that the outcome of IDS 2016 is a positive sign as more and more people were becoming tax compliant.

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