Government Promises Confidentiality To Increase Black Money Disclosure

With the Income Declaration Scheme (IDS), 2016, nearing its end, on September 30, the government looked to encourage declarations under the black money window assuring declarants that information revealed under the scheme will be kept confidential. The government stated that declaration filed with jurisdictional principal commissioner/commissioner shall not be shared with any authority within or outside the department including the jurisdictional assessing officer.

The government is stepping up effort to popularise the scheme which has received a tepid response so far. The income tax department has received disclosures of just over Rs 1,000 crore under the scheme till the first week of September, as per reports. The government had also extended the deadline for payment of tax and penalty under IDS and allowed declarants to pay the amount in three instalments by September 30 next year.