Black Money Worth Rs 65,250cr Declared Under IDS, Can Further Go Up

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6:09 pm 1 Oct, 2016

Finance Minister Arun Jaitley on October 1 disclosed that by the end of the first quarter of the Income Declaration Scheme (September 30), Rs 8,000 crore have been assessed out of HSBC list.


He also said the present government had taken a lot of steps to unearth black money at “domestic and foreign level.”


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.


He further added that tentative figures suggest that a total of 64,275 declarants have collectively disclosed Rs. 65, 250 crore.


These figures may further go up once all the declarations, filed online and manually are compiled.

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