BackIDS: Final black money tally may go up by `10,000 crore
The Income Tax department is also expected to submit final verification of the records by next week to the Central Board of Direct Taxes (CBDT)
Premium
New Delhi:The final amount of black money recovered by the recently concluded the Income Declaration Scheme (IDS) may grow by an estimated10,000 crore.
The Income Tax department is also expected to submit final verification of the records by next week to the Central Board of Direct Taxes (CBDT).
Officials working to tabulate the final figures of the Income Declaration Scheme (IDS) said all the regions of the department across the country are continuously working to finalise and put up the final figures soon. Black money amounting to 65,250 crore was declared through the one-time declaration window as part of 64,275 declarations and the figures were announced by finance minister Arun Jaitley in a press conference on 1 October. The four-month window closed on 30 September after it was opened on 1 June. “It is estimated that 10,000 crore more would be added to the figure that was announced by the finance minister. So, the total figures could go well beyond 75,000 crore.
A final report will be submitted by the CBDT to the finance minister’s office by the next week, officials said. While the CBDT had made it clear that no information relating to region-wide break-up of declarations would be shared as per confidentiality clauses riding IDS, top sources in the department said some of the states in the southern and western flank of the country were seen to have contributed the maximum under the IDS.
CBDT Chairperson Rani Singh Nair on Tuesday held a meeting with the regional I-T department chiefs where, sources said, the strategy and progress of the last mile efforts of IDS were discussed. She also wrote an appreciation letter to her ‘TEAM-Income Tax’ for their “well deserved accomplishment of our task of unearthing undeclared income through the IDS, 2016."
“Any accomplishment reflects the commitment and the hard work of people who toil hard with focused perseverance. The ‘TEAM-IT’ has shown utmost dedication, passion and perseverance in achieving such a high degree of success. “I commend your determination and dedication and wish you similar success in all our future endeavours for generating resources for the government and contributing towards the well being of our people," she wrote to her officials and staff on Monday.
Government had offered a one-time chance, as part of the IDS, for holders of undeclared income and assets to come clean by paying 45% in tax and penalty.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
