India Finance update – 65250 Cr. Declared under IDS 2016 , Tax Collected 29000Cr

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Black Money
Black Money

 

Central Board of Direct Taxes (CBDT) had been blessed with 65250 Cr INR declaration under the Income Disclosure Scheme, 2016 in the form of cash and other assets,The Union Finance Minister Arun Jaitley announced on Saturday. IDS 2016 is a bumper hit for Income Tax Department.

Due to some entries made through manual entry so they still remain to be tabulated and verified, the figure could be revised further 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.

In major thrust to Black Money removal from the economy Modi government is successful with Internal Black Money now the time for External Black Money in foreign land.