BackRush of black money declarants on last day of IDS, says Tax department
Income-tax officials say total amount collected could reach Rs40,000 crore. Finance minister Arun Jaitley is likely to announce the final figure on Saturday
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New Delhi: Income-tax department offices on Friday saw a big rush of black money declarants on the last day of the one-time compliance scheme, also known as income declaration scheme (IDS).
The four-month-long IDS opened on 1 June.
The policymaking body of the income-tax department, Central Board of Direct Taxes (CBDT), indicated the collections to be “very good" and may touch an estimated Rs40,000-50,000 crore.
According to reports trickling in from across the country at the CBDT’s office in North Block, also the finance ministry’s office, an increased number of “physical and online" declarations under the IDS has been reported since Friday morning.
Collections are expected to go on steady till midnight—the deadline.
At the national capital’s two prominent income-tax offices—Central Revenue building at ITO, and Civic Centre near Connaught Place—people could be seen approaching the counters to submit declarations under the IDS. Tax lawyers and chartered accounts were seen making declarations for their clients.
“The maximum declarations are coming and will come through the online mode as it ensures confidentiality. However, the department does not want to leave any stone unturned in this regard and hence all the earmarked physical counters will be open till midnight as ordered by the CBDT," a senior income-tax department official said.
People in the finance ministry who are familiar with the matter said the IDS has turned out to be “very successful" and the results are expected to beat expectations and the collection target.
While there is no official word about the collections, a number of senior income-tax officials who PTI spoke to said collections have touched the Rs40,000 crore mark.
“We can surely say the collections under IDS have been very good. People have shown interest. However, we are not authorized to talk to the media. The government will make an announcement in this regard soon," one of the officials said.
Finance minister Arun Jaitley will hold a press conference to declare the IDS results at 3pm on Saturday, the officials said.
In order to facilitate physical declarations, the office of the principal chief commissioner of Delhi has made elaborate arrangements of food and travel for the staff who will keep the midnight vigil, official said.
Huge posters and publicity material could been at the tax offices that urged black money holders to “come clean" and protect themselves “from scrutiny and enquiry". The government has also ensured complete confidentiality on the declarations made under IDS.
In Bengaluru, a special team has been deployed at the Central Processing Centre to collect and collate the declarations that are being made on the official e-filing portal of the income-tax department, officials said.
“Figures are regularly being updated to the CBDT where chairperson Rani Singh Nair is on real-time contact with her regional heads," a person with direct knowledge of the matter said.
A special CBDT team has been deputed to collate and tally country-wide figures on Saturday morning after which the full data will be handed over to the finance minister’s office, officials said.
To make compliance under IDS more easy, the government had a few months ago extended the deadline for tax payment. It had also allowed declarants to pay the amount in three instalments.
The scheme applies to undisclosed income whether in the form of investment in assets or otherwise, pertaining to fiscal 2016 or earlier.
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