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

Arun Jaitley added that the Consolidated Fund of India would get the collected black money and it will be used for social security purposes.

By: Express Web Desk | New Delhi | Updated: October 1, 2016 4:59 pm
black money, black money news, income tax, income tax last date, black money arun jaitley, black money declaration, arun jaitley, income tax declaration, arun jaitley news, jaitley black money, india news, business news Arun Jaitley added that the Consolidated Fund of India would get the collected black money and it will be used for social security purposes. (Source: PTI Photo)

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.”

Prime Minister Narendra Modi took to Twitter to congratulate Revenue Secretary Dr Hasmukh Adia 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.

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 Adia 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 congratulaing 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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  1. M
    Manoj
    Feb 20, 2017 at 6:24 am
    Arun are you only computer literate.... Or u have stopped using brain???lt;br/gt;He never promised to deposit 15 lacs in each citizens account.... Better watch that video again and comment here....It was not a promise...lt;br/gt;He only said if v r able to bring back BM stashed in foreign accounts den each citizen may get 15 lac.... Now how u interpret it depends on ur conscience.... How come it became a promise....?????lt;br/gt;In reg to Swiss BM a treaty has been signed bw India and Switzerland... By end of 2018 BM holders name will be disclosed...lt;br/gt;Get some education bro.
    Reply
    1. J
      Jith
      Oct 1, 2016 at 2:56 pm
      Like boosted fake GDP?
      Reply
      1. R
        Raje
        Oct 1, 2016 at 12:49 pm
        Better Jumla than the Jumla you enjo for 60 years from pappu family.
        Reply
        1. R
          Raje
          Oct 1, 2016 at 2:42 pm
          Earlier hatred souls commented no one brings black money, no one working on black money, hated congress to core because of that... now that it is coming out slowly slowly, they have a new reason....y so less, where is our 15 lakhs and so on.lt;br/gt;lt;br/gt;It seems like they think all black money will come out in 1 yr of starting the process. lt;br/gt;lt;br/gt;Is liye i think, agar humko nahi milega we cry....agar hume milega to we cry... better stick to congress policy....nothing for you and let you cry... because you guys will cry anyways.
          Reply
          1. S
            Sane Indian
            Oct 1, 2016 at 11:40 am
            All anti national commies now shall be paid RS 15 lakh and sent to a Chinese sweat shop for ever on a non return ticket, Yechuri to lead. Maths says it's more than 15 Lakh per person, but I am happy to sacrifice it, for the sake of a better life for all our communist chaps, they need it in Chinese and Cuban sweat shops..lol!
            Reply
            1. S
              Sane Indian
              Oct 1, 2016 at 12:22 pm
              Nope good enough to pack them to Malwee or Somalia, cost of living is small there, rest you can do ry sacrifice, lol!
              Reply
              1. S
                Sane Indian
                Oct 1, 2016 at 3:11 pm
                Nope, only commies will be given that, to get out of India and die peacefully somewhere
                Reply
                1. S
                  Sane Indian
                  Oct 1, 2016 at 12:23 pm
                  Who promised it?Go watch it again, if you have IQ
                  Reply
                  1. S
                    Sane Indian
                    Oct 1, 2016 at 3:14 pm
                    YU mean Christians, that's bad, Mr Commie
                    Reply
                    1. S
                      SubbuI
                      Oct 2, 2016 at 2:08 am
                      HALLO JOKER. HOW MANY NAMES YOUR MOM HAVE TOLD YOU ABOUT YOUR DAD
                      Reply
                      1. S
                        SubbuI
                        Oct 1, 2016 at 12:26 pm
                        AS PROMISED IN HIS ELECTION SPEACHES BY OUR PARAKRAMI SURVEER PUJYASRI PRADHAN MANTRI NARENDRBAI DOMODAR DAS MODI FORGETTING THAT IT IS A JUMLA ON EVE OF ELECTION OUR PM SHOULD DISTRIBUTE THIS 30000 CRORE AND FURTHER AQUIRED ALL BLACK MONEY TO ALL INDIAN CITIZENS USING JAN DHAN ACCOUNTS AND ADHAAR CARD. GIVEN A CHOICE OTHERVICE THIS MONEY WILL GO TO RSS and BJP PARTY FUND.WE DON'T TRUST AMIT SHAH AND HIS GANG. OF CRIMINALS
                        Reply
                        1. A
                          Arun
                          Oct 1, 2016 at 2:47 pm
                          Sorry. Modi govt has received only 26100 crores. Therefore they can deposit only Rs.261 per citizen. Something is better than nothing.
                          Reply
                          1. A
                            Ashutosh
                            Oct 1, 2016 at 1:48 pm
                            TAX TERRORISM - BY INCOME TAX officials when surveying and raiding various business establishments - where the business owners are forced to declare at least a crore. it seems these 65000 are mostly such cases. REAL BLACK MONEY is with the Government Babus and Politicians and a single raid can earth out several hundred crores from a SINGLE such eny. Hope NaMo will do something about that, Sabka Saath Sabka Vikas
                            Reply
                            1. S
                              S.Gonesh
                              Oct 1, 2016 at 12:09 pm
                              Not making disclosure - names are not important - but the fact wholt;br/gt;are behind this criminality. If the present government refuse to openlt;br/gt;more facts about the black-money, all Hindus must reject this andlt;br/gt;overthrow the party-system of India? Without doubt, this are the personslt;br/gt;who belongs to or sympathizers of the corrupt system. Hindustan needlt;br/gt;a divine ruling system with a chosen Emperor/Empress for 20 yearslt;br/gt;with a powerful Army. The Akhand Bharat Raj.
                              Reply
                              1. A
                                Anon
                                Oct 1, 2016 at 12:45 pm
                                Hahahahahaha.. What a joke. Around 65000 people made declarations? And they only recovered 65000 crores? One crore per person declared. So, all are small fishes?
                                Reply
                                1. B
                                  bably
                                  Oct 1, 2016 at 12:01 pm
                                  change the currency,more will come out and give one more month for people who cant decide whether to declair or not.
                                  Reply
                                  1. C
                                    Citizen
                                    Oct 1, 2016 at 2:36 pm
                                    Not even 0.1% by Feku's own estimates.
                                    Reply
                                    1. F
                                      Franky
                                      Oct 1, 2016 at 2:37 pm
                                      Mr Finance Minister First of all I would like to congratulate you and the Government of India let by the dynamic and honest and who remains true to his words our PM Narendra Modi. Being the first word of the PM is honoured we the poor people of India under BPL ( Below Poverty line) request the FM to keep the second and the most important word committed by the PM during election that he will deposit Rs 15 lakhs into each and every household of the poor people. Kindly note down my family Saving Bank Account Number 234567089042 with the State Bank of India Ahmedahab Gujarat. Please Deposit Rs 15 lakhs into my account and let me know. Also we would be happy to give Rs 50 thousand from this 15 lakhs to the GOI for taking strong action against stan. So GOI can deposit only 14 lakhs 50 thousand. Thank you
                                      Reply
                                      1. G
                                        Gitesh S
                                        Oct 1, 2016 at 11:21 am
                                        Just to provide more details. People have paid 45% tax on this declaration. So if at the end this sum is 80,000 Cr. 45% of it is 36,000 Cr. So govt receives 36,000 Cr. and banking system receives 80,000 36,000 = 116,000 Cr. as Funds rather than stuck in some locker or mattress. Add to it the 56,000 Cr through search ops and tax collected of it, total amount is very big. More money in system, more investments and result is better economy due to more money in circulation.
                                        Reply
                                        1. K
                                          Kaushika
                                          Oct 2, 2016 at 2:42 am
                                          does this include any political leaders or just citizens? We know there are lot of politicians who can exceed these numbers. They can then pay tax first and then explain how they came about that kind of money. How about the swiss accounts?
                                          Reply
                                          1. A
                                            Ashok Mazumdar
                                            Oct 1, 2016 at 1:07 pm
                                            Oye Ram baba ke aulaad :Apna akal apni Gaanx me rakh. Madaax chxx chup kar. Teri akal me Gobar hai
                                            Reply
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