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
    2. 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
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