As much as Rs 65,250 crore of black money was declared during the four-month compliance window , the Income Declaration Scheme that ended on September 30, Finance Minister Arun Jaitley said on Saturday
Jaitley said 64,275 declarations were made in the four- month window and this figure could go up once all the declarations filed online and manually are compiled.
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The money declared totals Rs 65,250 crore, of which 45% would accrue to the government as tax and penalty.
The government had provided illegal income and asset holders a one-time opportunity to come clean by declaring their black money under the four-month window and pay 45% tax and penalty.
Reiterating that the one-time window was not an amnesty scheme like 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.
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The tax collected from the Income Declaration Scheme (IDS) 2016 will go into the Consolidated Fund of India and will be used for the larger welfare of people, he added.
Meanwhile, PM Narendra Modi greeted Finance Minister Arun Jaitley and his team for the successful outcome of IDS-2016.
I compliment FM @arunjaitley & his team at @FinMinIndia for the hard work resulting in the successful outcome of IDS-2016.
— Narendra Modi (@narendramodi) October 1, 2016
RS @adhia03, CBDT Chairperson Rani Nair & their team have put in tremendous effort on all aspects relating to IDS-2016. Congrats to them.
— Narendra Modi (@narendramodi) October 1, 2016
I compliment all those who chose to be tax compliant in IDS-2016. This is a great contribution towards transparency & growth of the economy.
— Narendra Modi (@narendramodi) October 1, 2016