INR 62,250 crore black money declared under IDS
Q. How much untaxed money has been disclosed under IDS?- Published on 03 Oct 16
a. INR 62,350 crore
b. INR 65,650 crore
c. INR 67,350 crore
d. None of the above
ANSWER: None of the above
Finance Minister Arun Jaitley said that INR 65,250 crore in black or untaxed money has been disclosed under the Government’s Income Declaration Scheme (IDS).
- The one-time compliance window closed .
- As per the scheme, launched on June 1, those who evaded taxes were allowed to avoid punishment by paying tax, penalty and cess totalling 45% of the declared income.
- Reiterating that the one-time window was not an amnesty scheme like the 1997 one, Jaitley said the tax collected in the 1997 Voluntary Disclosure of Income Scheme (VDIS) was Rs 9,760 crore with an average declaration of Rs 7 lakh.
- The tax collected from the Income Declaration Scheme (IDS) 2016 will go into the Consolidated Fund of India and will be used for larger welfare of people, he added.
- Scheme was operational 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.
- Roughly, the declarations work out to INR 1 crore per declarant.