Black money disclosure at Rs 65,000 crore till 8.00 pm

[rahul1117kumar]

The government's Income Declaration Scheme (IDS) saw an overwhelming response just a few hours before the deadline was to end.

A senior income-tax official said the total declaration under the scheme is above Rs 65,000 crore till 8.00 pm. On this number, government likely to earn nearly Rs 30,000 crore.

I-T department expects total declarations could reach between Rs 70,000 crore and Rs 80,000 crore in next 3 hours.

The government had opened a four-month window for declaring unaccounted money, which would attract 45 per cent tax, penalty and cess.

Surprisingly Hyderabad emerged as a top destination with declaration of Rs 13,000 crore, followed by Mumbai ( Rs 8,500 crore), New Delhi (Rs 6,000 crore) and Kolkata (Rs 4,000 crore). The total number of declarant from Mumbai is 4,000.

The four-month window for disclosing domestic black money deposits will close on Friday (Today). The informal target for the scheme was a tax collection of Rs 40,000-50,000 crore on black money declaration of Rs 1 lakh crore.

Black money disclosure at Rs 65,000 crore till 8.00 pm | Business Standard

 

[Sarkar]

Great news.

 

[Shiva mahesh]

Good news

 

[rahul1117kumar]

Rs 65,250 crore black money mopped up under Income Declaration Scheme 2016: Finance Minister


What should be termed as a boost to government's efforts in cracking down on black money, the Income Tax Declaration Scheme that ended on September 30 managed to mop up Rs 65,250.

Finance Minister Arun Jaitely, on Saturday disclosed the cumulative amount collected by the income tax department. He also disclosed that 64,275 disclosures were made under the IDS scheme. Jaitley added that the money will go into the Consolidated fund of India and would be used for public welfare in social schemes.

Jaitley added that black money declaration figure could be revised upwards, once final assessment was complete.

The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets.Declarations could be made online as well in printed copies of the prescribed form up to midnight on 30th September, 2016.

If a person declared Rs 100 lakh as undisclosed income under the scheme, then he would have to pay a total of Rs.45 lakh as tax, surcharge and penalty.

The scheme said that ,“In case this is paid from other undisclosed income, then “the declarant will not get any immunity under the Scheme.”
Arun Jaitley also said that there will be no vindictive or fvourable action take against anyone.

"The department does not intend to be vindictive. Declarants will be treated under relevant tax laws, irrespective of filing under the Income Disclosure Scheme. Regarding the action henceforth, this is an issue of tax department. Individual taxmen will not take vindictive action," said Jaitley.

The major steps taken by the Government against Black Money in the last more than two years include:

SIT: Many recommendations accepted such as mandatory quoting of PAN for cash transactions etc.

Legal Framework: Making tax crimes predicate offence under PMLA; Amendment of FEMA to provide for confiscation of domestic assets in place of foreign assets; Enactment of Black Money Law and Amendment to Benami Act.

International Treaties: Signing of FATCA with US; Amendment of Mauritius Treaty; Initiative for signing of Automatic Exchange of Information Treaty with all major countries including Switzerland, Initiatives under BEPS (Based Erosion and Profit Sharing) such as country by country reporting, PoEM ( Place of Effective Management) etc.

Detection and administration of tax evasion cases: Assessment of Rs.8000 crore in HSBC cases as well as filing of 164 prosecution complaints in l75 HSBC cases; detection of Rs.5, 000 crores of undisclosed deposits in foreign accounts made out of ICIJ cases, 55 prosecution cases filed in those cases; Big investigation in Panama cases has led to 250 references being made to other countries asking for details about tax evaders, bank accounts etc.

The quantum jump in the searches and survey has resulted in seizure of Rs.1986 crores as well as undisclosed income of Rs.56, 378 crore in the last two and half years. The upgradation of IT capabilities has led to non-intrusive methods of detection of tax evasion. Rs.16, 000 crores received as tax out of one such system of Non-filers of Monitoring System (NMS). 3626 cases of prosecution and compounding in the last two and half years which is more than double as compared to previous two years.

Rs 65,250 crore black money mopped up under Income Declaration Scheme 2016: Finance Minister | Zee News

 

[shawl_who]

gud.. atleast something is recovered.

I think this 65k crores shud be distributed equally amongst all Indians. :tup

 

[Sarkar]

gud.. atleast something is recovered.

I think this 65k crores shud be distributed equally amongst all Indians. :tup

:no :no :no

Govt will not get 65K. It will get 45% of 65K according to IDS scheme in 3 installment :k

BTW now the real work start. Find all those who don't submit and file criminal prosecution  :angry

 

[rahul1117kumar]

Hyderabad, Delhi, Mumbai top list of black money declarations

Hyderabad, Mumbai and Delhi made up for almost half of the more than Rs 65,000 crore worth of black money declarations made across the country during the four-month window that closed on Friday, according to at least two tax officers Business Standard spoke to.

The officers said while Hyderabad topped the list with Rs 13,000 crore, Mumbai and Delhi received disclosures worth over Rs 8,000 crore each.

Andhra Pradesh and Telangana saw declarations worth close to Rs 19,000 crore, approximately 30 per cent of the disclosures under the s, the officers said.

Northeast saw disclosures worth Rs 1,000 crore, while Odisha and Kerala saw the least response with declarations under Rs 500 crore, they added.

The Central Board of Direct Taxes has not released any state-wise break-up of the declarations to maintain confidentiality. It clarified on Saturday in a tweet that “… no official list of region-wise declarations has been issued. The department is committed to maintain strict confidentiality.”

A list of the break-up was doing the rounds on social media. But the Central Board of Direct Taxes (CBDT) said: "The CBDT requests general public not to pay any heed to such fraudulent messages circulating on the social media."

A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17, providing extra revenue buffer. The income tax officers are learnt to have carried out at least 400 surveys in a month in Mumbai alone to ensure higher declarations.

According to Finance Minister Arun Jaitley, a quantum jump in the searches and survey has resulted in seizure of Rs 1,986 crore as well as undisclosed income of Rs 56,378 crore in the last two and a half years.

The Income Declaration Scheme, launched on June 1, gave a one-time opportunity to declare black money and escape prosecution by paying 45 per cent tax on unaccounted money and assets. The tax amount included tax rate of 30 per cent, besides Krishi Kalyan Cess and penalty of 7.5 per cent each.

The CBDT used information collected through non-intrusive measures like quoting of PAN or annual information returns to get more people to make declaration. Having information of 9 million high-value transactions without PAN, the income tax department issued 0.7 million letters to such individuals, asking them to come clean under the compliance window.

The tax department scrutinised the returns for high-value transactions, which have divulged cash deposits of over Rs 10 lakh in a savings bank account, sale/purchase of immovable property valued at Rs 30 lakh or more, and many of these transactions do not have PAN.

Hyderabad, Delhi, Mumbai top list of black money declarations | Business Standard

 

[mpvelu]

Lol !!! 65000 people, 65000 Crores money. That means only one crore per person? Cheating figure.....