Black money worth Rs 65,250 crore disclosed under IDS

arun-jaitley_240x180_61471519540 black moneyIn the biggest-ever black money 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 black money declarations will go up once all the online and manual filings of undisclosed assets filed at the end of the four-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 Rs 65,250 crore.On the declarations compiled so far, the government will get Rs 29,362.5 crore in tax and penalty. The declarants can pay this amount in two instalments up to September 30, 2017. Half or Rs 14,681.25 crore will accrue this fiscal.

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