Rs 65,250 Cr Disclosed Under Income Declaration Scheme: Jaitley
Finance Minister Arun Jaitley arrives for a meeting in New Delhi/File Photo
New Delhi: Union Finance Minister Arun Jaitley on Saturday said that Rs 65,250 crore undeclared income and asset was declared under the Income Declaration Scheme (IDS).
Addressing a press conference, Jaitley said, "Rs 8,000 crore have been assessed out of HSBC list and the figure will be revised upwards as the tax department is still processing some declarations."
"We decided that the non-compliant will have to pay more tax than the compliant," he added.
On the context of total number of declarants and where the money will be used, he said, "Total 64,275 disclosures were made and the money will be used in building the nation."
Those disclosing assets under the IDS will have to pay 45 per cent tax plus penalty and will not be punished as promised by the government.
Also, the payments can be made in three installments till September 2017. By November the first installment of 25% under the scheme will have to be paid. Another 25% will have to paid by March 31, 2017. Rest, will have to be paid by September 30, 2017.
The four-month window for tax evaders to come clean on black money had ended on Friday.