Black money worth Rs 65,250 crore disclosed under Income Declaration Scheme

In 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. The Government had offered a one-time chance to holders of income and assets that had illegally escaped taxes, to come clean by paying a tax and penalty of 45 per cent.