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Rs 65,250 Black Money disclosed under IDS
By: Tupaki Desk | 2 Oct 2016 6:41 AM GMT
Union Finance Minister Arun Jaitley proudly declared Central Board of DirectTaxes (CBDT) has received Rs 65,250 crore under the Income Disclosure Scheme till September 30th. He informed that the figure could escalate as some disclosures which are manual were yet to be added to the final tally.
Jaitley, however, refused to accept Income Declaration Scheme (IDS) 2016 and Voluntary Disclosure Scheme 1997 are alike. He explains Voluntary Disclosure Scheme 1997 has neither penalized the declarants nor asked the declarants to pay taxes as per market prices.
Voluntary Disclosure Scheme 1997 fetched Rs 9,760 crore in taxes. On an average, Its Rs 7 lakh per declarant. Whereas for Income Declaration Scheme, Rs 1 crore per declarant was maintained.
Income Declaration Scheme (IDS) has given an opportunity for tax evaders to declare their undisclosed income and pay tax plus penalty amounting to 45 percent.
PM Narendra Modi responded: 'I compliment all those who chose to be tax compliant in IDS-2016. This is a great contribution towards transparency & growth of the economy'.
Jaitley, however, refused to accept Income Declaration Scheme (IDS) 2016 and Voluntary Disclosure Scheme 1997 are alike. He explains Voluntary Disclosure Scheme 1997 has neither penalized the declarants nor asked the declarants to pay taxes as per market prices.
Voluntary Disclosure Scheme 1997 fetched Rs 9,760 crore in taxes. On an average, Its Rs 7 lakh per declarant. Whereas for Income Declaration Scheme, Rs 1 crore per declarant was maintained.
Income Declaration Scheme (IDS) has given an opportunity for tax evaders to declare their undisclosed income and pay tax plus penalty amounting to 45 percent.
PM Narendra Modi responded: 'I compliment all those who chose to be tax compliant in IDS-2016. This is a great contribution towards transparency & growth of the economy'.
