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

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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

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