The Income Tax Department received Rs 65,250 crore in cash and other assets under a one-time income disclosure scheme that closed on Friday night. Of the total money declared, 45% or roughly Rs 29,500 crore will accrue to the government as taxes.
Finance Minister Arun Jaitley called a press conference on Saturday to announce one of the biggest-ever disclosures of black money, for which the government had sent out close to 7,00,000 notices earlier this year to suspected evaders and repeatedly promised to keep their declarations confidential.
Prime Minister Narendra Modi, who during his election campaign in 2014, had pledged to bring back crores of rupees illegally stashed in safe havens, said the scheme was a "success" and called it a great contribution towards transparency and growth of economy. As many as 64,275 declarations were made in the four-month compliance window, but the finance minister said the figure could be revised upward once all tabulations were complete.
"The income tax and penalties collected under the scheme will be used for public welfare," Jaitley said replying to a question on the government's promise to put black money in people's accounts.
Asked about the course of action the Income Tax Department was contemplating against those not declaring their assets in the four-month window, Jaitley said the department did not intend to be vindictive.
"But if the department finds that there is an evasion somewhere, whatever normal activity they have to do they will do," he said.
Officials said the declarations under the income disclosure scheme (IDS)gathered momentum only in the last one and a half months after the prime minister appealed to the people to come clean on black money, most of which was parked in jewellery and real estate.
More than 5,500 public meetings in various cities were conducted by the I-T department. Publicity methods like talkathons, walkathons, 'nukkad nataks' were performed to spread awareness about the scheme.
At one point, the officials said there was an apprehension whether the declarations under IDS would even match the Voluntary Disclosure of Income Scheme (VDIS) brought out by former finance minister P Chidambaram in 1997.
DH News Service
![]( "Finance Minister Arun Jaitley. PTI file photo")
The Income Tax Department received Rs 65,250 crore in cash and other assets under a one-time income disclosure scheme that closed on Friday night. Of the total money declared, 45% or roughly Rs 29,500 crore will accrue to the government as taxes.
Finance Minister Arun Jaitley called a press conference on Saturday to announce one of the biggest-ever disclosures of black money, for which the government had sent out close to 7,00,000 notices earlier this year to suspected evaders and repeatedly promised to keep their declarations confidential.
Prime Minister Narendra Modi, who during his election campaign in 2014, had pledged to bring back crores of rupees illegally stashed in safe havens, said the scheme was a "success” and called it a great contribution towards transparency and growth of economy. As many as 64,275 declarations were made in the four-month compliance window, but the finance minister said the figure could be revised upward once all tabulations were complete.
"The income tax and penalties collected under the scheme will be used for public welfare,” Jaitley said replying to a question on the government’s promise to put black money in people’s accounts.
Asked about the course of action the Income Tax Department was contemplating against those not declaring their assets in the four-month window, Jaitley said the department did not intend to be vindictive.
"But if the department finds that there is an evasion somewhere, whatever normal activity they have to do they will do,” he said.
Officials said the declarations under the income disclosure scheme (IDS) gathered momentum only in the last one and a half months after the prime minister appealed to the people to come clean on black money, most of which was parked in jewellery and real estate.
More than 5,500 public meetings in various cities were conducted by the I-T department. Publicity methods like talkathons, walkathons, 'nukkad nataks’ were performed to spread awareness about the scheme.
At one point, the officials said there was an apprehension whether the declarations under IDS would even match the Voluntary Disclosure of Income Scheme (VDIS) brought out by former finance minister P Chidambaram in 1997.
DH News Service
Finance Minister Arun Jaitley called a press conference on Saturday to announce one of the biggest-ever disclosures of black money, for which the government had sent out close to 7,00,000 notices earlier this year to suspected evaders and repeatedly promised to keep their declarations confidential.
Prime Minister Narendra Modi, who during his election campaign in 2014, had pledged to bring back crores of rupees illegally stashed in safe havens, said the scheme was a "success" and called it a great contribution towards transparency and growth of economy. As many as 64,275 declarations were made in the four-month compliance window, but the finance minister said the figure could be revised upward once all tabulations were complete.
"The income tax and penalties collected under the scheme will be used for public welfare," Jaitley said replying to a question on the government's promise to put black money in people's accounts.
Asked about the course of action the Income Tax Department was contemplating against those not declaring their assets in the four-month window, Jaitley said the department did not intend to be vindictive.
"But if the department finds that there is an evasion somewhere, whatever normal activity they have to do they will do," he said.
Officials said the declarations under the income disclosure scheme (IDS)gathered momentum only in the last one and a half months after the prime minister appealed to the people to come clean on black money, most of which was parked in jewellery and real estate.
More than 5,500 public meetings in various cities were conducted by the I-T department. Publicity methods like talkathons, walkathons, 'nukkad nataks' were performed to spread awareness about the scheme.
At one point, the officials said there was an apprehension whether the declarations under IDS would even match the Voluntary Disclosure of Income Scheme (VDIS) brought out by former finance minister P Chidambaram in 1997.
DH News Service
The Income Tax Department received Rs 65,250 crore in cash and other assets under a one-time income disclosure scheme that closed on Friday night. Of the total money declared, 45% or roughly Rs 29,500 crore will accrue to the government as taxes.Finance Minister Arun Jaitley called a press conference on Saturday to announce one of the biggest-ever disclosures of black money, for which the government had sent out close to 7,00,000 notices earlier this year to suspected evaders and repeatedly promised to keep their declarations confidential.
Prime Minister Narendra Modi, who during his election campaign in 2014, had pledged to bring back crores of rupees illegally stashed in safe havens, said the scheme was a "success” and called it a great contribution towards transparency and growth of economy. As many as 64,275 declarations were made in the four-month compliance window, but the finance minister said the figure could be revised upward once all tabulations were complete.
"The income tax and penalties collected under the scheme will be used for public welfare,” Jaitley said replying to a question on the government’s promise to put black money in people’s accounts.
Asked about the course of action the Income Tax Department was contemplating against those not declaring their assets in the four-month window, Jaitley said the department did not intend to be vindictive.
"But if the department finds that there is an evasion somewhere, whatever normal activity they have to do they will do,” he said.
Officials said the declarations under the income disclosure scheme (IDS) gathered momentum only in the last one and a half months after the prime minister appealed to the people to come clean on black money, most of which was parked in jewellery and real estate.
More than 5,500 public meetings in various cities were conducted by the I-T department. Publicity methods like talkathons, walkathons, 'nukkad nataks’ were performed to spread awareness about the scheme.
At one point, the officials said there was an apprehension whether the declarations under IDS would even match the Voluntary Disclosure of Income Scheme (VDIS) brought out by former finance minister P Chidambaram in 1997.
DH News Service