Rs 65,250 crore blackmoney declared, says Arun Jaitley

The biggest ever blackmoney disclosure with 64,275 declarants yielded Rs 29,362 crore in taxes

Arun Jaitley

New Delhi: In the biggest ever blackmoney disclosure, at lea­st Rs 65,250 crore of undisclos­ed assets were declared in the one-time compliance window, yielding the government Rs 29,362 crore in taxes.

While the blackmoney declarations will go up once the online and manual filings of undisclosed assets filed at the end of the 4-month window on September 30 are compiled, the government will get nearly Rs 14,700 crore or half of the due taxes, this fiscal.

Announcing the declarations made under the Income Declaration Scheme (IDS), Finance Minister Arun Jaitley said 64,275 declarants disclosed an amount of R65,250 crore. Centre had offered a one-time chance to holders of income and assets that had illegally escaped taxes, to come clean by paying a tax and penalty of 45 per cent.

On the declarations compiled so far, government will get Rs 9,362.5 crore in tax and penalty. The declarants can pay this amount in two instalments up to September 30, 2017.

644
No. of declarations made last year collecting Rs 2,428 crore

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