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ICAI Pegs Disclosure Under IDS at Rs 71Kcr

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Declarations under the black money scheme could top Rs 71,000 crore, the Institute of Chartered Accountants of India (ICAI) said, an assessment that exceeds the government's provisional estimates.
The finance ministry initially pegged the declarations made under the Income Declaration Scheme at ` . 65,250 crore and said the amount could be revised upwards after tabulation. The fourmonth scheme closed on September 30.
The Central Board of Direct Taxes (CBDT) is expected to announce the final figures soon.
“More than Rs. 71,000 crore has been disclosed under the IDS as per latest available information,“ ICAI President M Devaraja Reddy said at a press conference here. The government's initial estimates showed 64,275 declarations.
The ICAI was involved in spreading awareness about the scheme. Reddy said a big percentage of people who declared income were those who hadn't filed their income-tax returns.“By observation of my friends who have been doing taxation, 40-60% are non-filers.“
The Economic Times New Delhi,05th October 2016

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