Black Money Haul: Income Declaration Scheme Unearths Rs 65250 Crore

The deadline for declaration of black or untaxed money under the NDA government’s Income Declaration Scheme (IDS) 2016 is now over. According to government sources, around Rs 65,250 crore have been disclosed by 64,275 declarants. The counters for receiving declarations under the Income Declaration Scheme were functional till 12.00 midnight on September 30.

The scheme offered an opportunity to persons who had not paid full taxes in the past to come forward and declare their undisclosed income and assets. Given the tax rate and penalty of 45 per cent, this can potentially fetch the government a little under Rs 30,000 crore.

Briefing reporters on the scheme, Finance Minister said the tax authorities were still tabulating the declarations, both in physical and electronic form.

Andhra Pradesh and Telangana surprised taxmen as Hyderabad came with a declaration of Rs 10,000 crore. Mumbai stood second with a declared sum of Rs 8,500 crore. Delhi and Gujarat are closely contesting for the number three position, as both states have recovered an amount of Rs 6,000 crore. As much as Rs 4,000 crore has been collected from Kolkata.