He also said the present government had taken a lot of steps to unearth black money at “domestic and foreign level.”
From HSBC list Tax assessment for ₹8,000 cr has been completed: Finance Minister Arun Jaitley pic.twitter.com/hVm4Cg52hz— ANI (@ANI_news) October 1, 2016
The outcome of IDS 2016 shows that there is a positive sign as more and more people have come forward and become tax compliant.
Under the IDS scheme, the government gave people an opportunity to declare illegal income and asset and come clean under the four-month review window.
Under this, they pay 45 per cent tax and penalty but face no criminal proceedings.
Finance Minister Jaitley said the government had conducted search operations to uncover black money and uncovered Rs 56,378 crore- undetected income.
Rs. 56,378 crore- undetected income uncovered through search operations: Finance Minister Arun Jaitley pic.twitter.com/EBCbagvgFi— ANI (@ANI_news) October 1, 2016
He further added that tentative figures suggest that a total of 64,275 declarants have collectively disclosed Rs. 65, 250 crore.
Under tabulation 64,275 declarants and the amount they have disclosed collectively Rs. 65250 cr : FM Arun Jaitley pic.twitter.com/zyf0F6FXSP— ANI (@ANI_news) October 1, 2016