New Delhi, October 1, 2016: Breaking through success of IDS 2016, Finance Minster Arun Jaitely has announced the historical assets declaration of Rs 65250 crore from 64275 declarants while briefing the media about the outcome of the Income Declaration Scheme 2016 (IDS-2016) in the national capital.
FM Arun Jaitley has also intimated that the current disclosed figure is “tentative” and “can be revised upward” after the final tabulation. The tabulation is underway both online as well as physical form.
With the benchmark declaration of Rs 65000 crore, the IDS scheme would fetch Rs 30,000 crore as recovered tax.
The Finance Minster disclosed that Rs. 56,378 crore is the undetected income that was “uncovered” through search operations. He further revealed that from HSBC list Tax assessment for 8,000 cr has been completed.
Jaitley also said that the collected money would be accounted to the Consolidated Fund of India. This amount would be used for social security purposes informed the Finance Minsiter.
“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.”
Government has taken several steps to curb tax evasion said Finance Minister.
[email protected]:The present Govt has taken lot of steps in last two & a half years to unearth black money both at domestic & foreign level.
— Ministry of Finance (@FinMinIndia) October 1, 2016
Jaitely also said that outcome of IDS 2016 shows that more and more people are now becoming tax compliant which is a positive development. Earlier the media reports had confirmed the overwhelming response to the IDS 2016.
During the last four months of IDS 2016, it was always on radar due to Rs 30000 crore declaration recieved from VDIS of 1997. However finance minister said that IDS 2016 was not an amnesty scheme like VDIS of 1997.
“We didn’t want to benefit non-tax compliant vis a vis tax compliant,” said Jaitely.
The CBDT had announced its black money scheme IDS 2016 on 1 June, 2016 for those who do not disclose their income or pay taxes.The income tax departments were working till midnight on Sectember 30 across the country to ease the declaration by tax payers.
The scheme was launched to pardon undisclosed income of people. Instead of paying further penalty on the undeclared income, they were asked to pay 45% of tax, without hampering their confidentiality and further investigation.