Around Rs. 65,250 crore in black money has been uncovered by 64,275 individuals under the center’s Income Declaration Scheme in this way, Finance Minister Arun Jaitley said. The four-month window for tax avoiders to tell the truth on black money had finished on Friday.
Mr Jaitley said the figure will be updated upwards as the income tax office is as yet preparing a few announcements.
This scheme launched on June 1, under this scheme the person who had avoided tax were given the chance to evade punishment by paying duty, penalty and cess totalling 45 % of the undisclosed income. This implies the government will get around Rs. 30,000 crore as tax income from the scheme.
The installments must be made in three portions till September 2017.
The first installment of 25 % under the scheme will must be paid by November 2016, trailed by another 25 &% by March 31, 2017. The rest of the sum will must be paid to the fund by September 30, 2017.
Prime Minister Narendra Modi had before warned black money holders of strict action including imprisoned after September 30, when the scheme finished.
To motivate individuals to announce their undisclosed income, the government said that data contained in the declaration should not be public to whatever other law administration office.
Additionally, Income source declaration is not required. The scheme connected to undisclosed income relating to money related year 2015-16 or prior.
The tax income from the scheme will help the government to cover the deficit. India’s income tax to GDP proportion is 16.6 %, which is much lower than the developing business sector economy normal of 21 %.
The government had a year ago turn out with a comparative scheme for Indians holding undisclosed wage abroad under which assets worth Rs. 4,164 crore were announced.
Black money has been a hot political subject in India. Ambit Capital has evaluated the nation’s black economy at Rs. 30 lakh crore.