Assets worth Rs 65,250 crore declared under Income Tax Disclosure Scheme
Given the tax rate and penalty of 45%, this can potentially fetch the government a little under Rs 30,000 crore.
Assets worth Rs 65,250 crore have been declared by 64,275 people under the latest Income Tax Disclosure Scheme (IDS), with scope for some marginal upward revision once the full tabulation is completed, Finance Minister Arun Jaitley announced on Saturday.
Given the tax rate and penalty of 45%, this can potentially fetch the government a little under Rs 30,000 crore.
Briefing reporters on the scheme, which was available from June 1 till the midnight of September 30, the finance minister said the tax authorities were still tabulating the declarations, both in physical and electronic form.
"So this (declarations) could be revised upward once the full tabulation takes place," Jaitley said, adding that the money collected would go into the Consolidated Fund of India and will be used for social security purposes.
"Roughly, the declarations work out to Rs 1 crore per declarant. Some will be higher, some will be lower," he said, but ruled out any revelation of the names of the people who have availed of the scheme.
"We won`t give any specific information on tax declarants."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.