Black money worth Rs 65,250 crore declared under Income Tax amnesty scheme: Arun Jaitley

Black money worth Rs 65,250 crore declared under Income Tax amnesty scheme

The Centre had given a four-month window to tax evaders to come clean on black money.

Black money or untaxed money worth Rs 65,250 crore has been disclosed under the Centre’s Income Declaration Scheme, said Finance Minister Arun Jaitley on Saturday.

The Centre had given a four-month window to tax evaders to come clean on black money. Under the scheme launched on June 1, those who had evaded taxes were given the opportunity to avoid punishment by paying tax, penalty.

Those disclosing assets under the IDS will have to pay 45% tax plus penalty. The payments can be made in three installments till November 2017.

Briefing reporters on the scheme, Jaitley said the tax authorities were still tabulating the declarations, both in physical and electronic form.

“So this (declarations) could be revised upward once the full tabulation takes place,” he said, adding that the money collected would go into the Consolidated Fund of India and 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, but ruled out any revelation of the names of the people who have availed of the scheme.

“We won’t give any specific information on tax declarants.”

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