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Rs. 65,250 crore disclosed Black Money under Income Disclosure Scheme

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The Union Finance Minister Arun Jaitley announced on Saturday that the Central Board of Direct Taxes (CBDT) had under the Income Disclosure Scheme, 2016 received total disclosures of Rs. 65,250 crore in the form of cash and other assets. But since some disclosures that were received manually still remain to be tabulated and verified, the figure could be revised upward.

The four-month window under the scheme for declaring undisclosed income or black money that had escaped assessment closed on Friday at midnight.

Mr. Jaitley told a media conference on Saturday that the disclosures received were “significant, given the average disclosure is of about Rs. 1 crore.” In all, 64,275 declarations were filed online as well in printed copies of the prescribed form.

“With the final stock taking of declarations being filed in physical printed forms all over the country till late night on the last day, this number is likely to be further revised upwards,” an official release said.

The scheme had provided a one-time opportunity to black money holders who had not paid full taxes in the past to come clean by declaring their domestic undisclosed income and assets by paying tax plus penalty at the rate of 45 per cent. No target for disclosures or collections from the scheme had been set for the CBDT, he said. The government stands to mop up 45 per cent of this, or about Rs. 29,000 crore, in taxes and penalties.

The CBDT removed the difficulties that had been expressed by those wanting to avail of the scheme, especially with respect to making the tax payment within a short span by agreeing to accept them three instalments, the last being in September 2017. The declarants have been assured of absolute confidentiality of the declarations made.

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