Rs 65,250 crore mopped up under Income Declaration Scheme 2016: Finance Minister

New Delhi: What should be termed as a boost to government’s efforts in cracking down on black money, the Income Tax Declaration Scheme that ended on September 30 managed to mop up Rs 65,250.

Finance Minister Arun Jaitely, on Saturday disclosed the cumulative amount collected by the income tax department. He also disclosed that 64,275 disclosures were made under the IDS scheme. Jaitley added that the money will go into the Consolidated fund of India and would be used for public welfare in social schemes.

Jaitley added that black money declaration figure could be revised upwards, once final assessment was complete.

The 4-month window for disclosure of unaccounted wealth that opened on June 1 ended on Friday.

If a person declared Rs 100 lakh as undisclosed income under the scheme, then he would have to pay a total of Rs.45 lakh as tax, surcharge and penalty.

The scheme said that ,“In case this is paid from other undisclosed income, then “the declarant will not get any immunity under the Scheme.”

Arun Jaitley also said that there will be no vindictive or fvourable action take against anyone.

“The department does not intend to be vindictive. Declarants will be treated under relevant tax laws, irrespective of filing under the Income Disclosure Scheme. Regarding the action henceforth, this is an issue of tax department. Individual taxmen will not take vindictive action,” said Jaitley.

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Source:Zeenews

Finance Minister Of India