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Black Money Worth Rs 65250 crore Declared Under IDS: Arun Jaitley

After the first quarter of the Income Declaration Scheme ended on September 30, Finance Minister Arun Jaitley said that 64,275 declarants have collectively disclosed Rs 65, 250 crore. He also said the figures may go up as soon as all the declarations, filed online and manually, are compiled. Adding 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."

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 PTI, Central Board of Direct Taxes chairperson Rani S Nair said, “We expect tax collection of Rs 30,000 crore from the IDS declarations."
Speaking to reporters, 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.

Speaking to reporters, Jaitley also said the government had conducted search operations to uncover black money. “Rs 56,378 crore- undetected income has been uncovered through search operations," he said to news agency ANI. Jaitley added that the Consolidated Fund of India would receive the collected money and it will be used for social security purposes. “Roughly, the declarations work out to Rs 1 crore per declarant. Some will be higher, some will be lower," he said, without naming any one.

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. He said: I am grateful to Hon PM@narendramodi for calling me up to congratulate the team of Revenue Deptt and CBDT for success of IDS 2016. I want to send PM's compliments to chairperson and all officers of Income Tax Department. My sincere thanks to them for their hard work.

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