New Delhi, October 1: The black money declaration across country under IDS 2016 is expected to have crossed a landmark figure of Rs 65,000 crore declarations and Rs 30,000 crore of tax collection as per the news report published in Business Standard.
Several sections of media have reported “overwhelmed response” to Income declaration Scheme 2016 which opened on June 1 2016. Although, all the speculations would rest when Finance Minister Arun Jaitley would officially announce the results at a press conference today.
As per the news report, till Friday evening Hyderabad declared maximum black money of Rs 13,000 crore, while Mumbai followed in with Rs 8,500 crore of declaration. The speculated declaration for Delhi was Rs 6,000 crore while for the Kolkata was Rs 4,000 crore.
Business standard also quoted a tax officer who accepted that as much as 900,000 letters were sent out to inform individuals about their accounts and “most of them chose to declare it under the scheme to avoid the risk of prosecution after the window closed,” he said.
He further added that it was during surveys, when asked if they could still declare it and we agreed, and the response improved.