Skip to main content

No major addition to Rs 65,250-cr IDS disclosure

By
Undeclared wealth of Rs 65,250 crore disclosed under the one-time compliance window has not seen any significant addition after tax authorities completed scrutiny of all the filings, sources said.
Finance Minister Arun Jaitley had on October 1 announced India's biggest ever black money haul when he disclosed provisional numbers of filings made in the four-month compliance window ended September 30.
As many as 64,275 declarants disclosed a sum of Rs 65,250 crore on which no tax was previously paid.
Jaitley had said these were provisional numbers and a final tally would be arrived at after counting all the postal and other declarations.
Earlier, the Institute of Chartered Accountants of India President Devaraja Reddy had said that as per information from the Central Board of Direct Taxes, about Rs 71,000 crore of undisclosed income was declared under the Income Declaration Scheme (IDS).
He added "the amount could go up and not come down". However, officials involved in the process said that exercise is over and there has not been any significant addition to the wealth disclosed.
They added the government may not come out with any separate press statement on the final number of declarants or the sum disclosed, but the tax collected would get reflected when it publishes the monthly direct tax collection numbers in November. The declarants have to pay a total of 45 per cent tax and penalty on the wealth disclosed in three instalments up to September 30, 2017. At least half of that tax amount has to be paid in FY17.
Business Standad New Delhi,24th October 2016

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more