Finance minister Arun Jaitley on October 1, 201, announced that the Centre's move to unearth black mone received a robust response with the total amount declare under the Income Declaration Scheme totalling Rs 65,25 crore. 64,275 declarations was made under the scheme which was open for four months and closed on Septembe 30.
The number is expected to go up once all th declarations are verified. Based on the currer declarations, the Centre is likely to get tax revenues of 29,362 crore, of which Rs 14,700 crore will flow into it coffers by March and the rest in the next fiscal year. Thos who have availed of the Income Disclosure Scpieme can pe the amount in two instalments up to September 30, 2017
The IDS came into effect from June 1, 2016. The tot levy is 45% with tax, penalty and surcharge. IDS cannot b compared with the Voluntary Disclosure of Income Schem of 1997, which yielded tax worth Rs 9,760 crore.
The number is expected to go up once all th declarations are verified. Based on the currer declarations, the Centre is likely to get tax revenues of 29,362 crore, of which Rs 14,700 crore will flow into it coffers by March and the rest in the next fiscal year. Thos who have availed of the Income Disclosure Scpieme can pe the amount in two instalments up to September 30, 2017
The IDS came into effect from June 1, 2016. The tot levy is 45% with tax, penalty and surcharge. IDS cannot b compared with the Voluntary Disclosure of Income Schem of 1997, which yielded tax worth Rs 9,760 crore.
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