Rs 65,250 Cr black money disclosed: Jaitley
posted on Oct 1, 2016 @ 5:09PM
Finance Minister Arun Jaitley said, "Rs 8,000 crore have been assessed out of HSBC list". which was disclosed by 64,275 declarants under the centre's Income Declaration Scheme so far. Given the tax rate and penalty of 45%, this can potentially fetch the government a little under Rs 30,000 crore. The four-month window for tax evaders to come clean on black money had ended on Friday.
Mr Jaitley said the figure will be revised upwards as the tax department is still processing some declarations. Jaitley added that the Consolidated Fund of India would get the collected money and it will be used for social security purposes.
“Roughly, the declarations work out to Rs 1 crore per declarant. Some will be higher, some will be lower,” he said. Under the scheme, launched on June 1, those who had evaded taxes were given the opportunity to avoid punishment by paying tax, penalty and cess totalling 45 per cent of the undisclosed income. This means that the government will get around Rs. 30,000 crore as tax revenue from the scheme.