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Rs 65,250 cr declared as black money by 64,275Arun Jaitley, Finance Minister

Rs 65,250 cr declared as black money by 64,275

With 45 pc penalty, Rs 29,362 cr to go to exchequer02 Oct 2016 | 1:49 AM

NEW DELHI:The Narendra Modi government’s Income Disclosure Scheme has netted Rs 65,250 crore of undeclared income and assets.

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Sanjeev Sharma

Tribune News Service

New Delhi, October 1

The Narendra Modi government’s Income Disclosure Scheme has netted Rs 65,250 crore of undeclared income and assets. Finance Minister Arun Jaitley called it a positive development, as “more people are becoming tax compliant”.

Jaitley said 64,275 declarations were filed under IDS-2016 up to the midnight of September 30 as the four- month window closed. With the final stock-taking of declarations being filed on printed forms all over the country till late in the night, this number was likely to go up. Of the Rs 65,250 crore, 45 per cent will go to the government as tax and penalty. This works out to be Rs 29,362 crore.

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Seeking to dispel comparisons between IDS and VDIS (Voluntary Disclosure of Income Scheme) in 1997, Jaitley said: “IDS 2016 is not an amnesty scheme like VDIS of 1997 as we didn’t want to benefit the non-tax compliant vis a vis the tax compliant.” 

He said IDS had a penalty provision of 15 per cent above the tax rate while under VDIS, the effective rate worked out in single digit since the value of the asset was taken as one 10 years ago. Jaitley said the tax collected under VDIS was Rs 9,760 crore with an average declaration of Rs 7 lakh. The tax collected via IDS would go into the Consolidated Fund of India and used in the social sector and rural welfare schemes, he said.

The Finance Minister said the government had initiated several steps to unearth black money both in India and abroad and that upgradation of IT capabilities had led to non-intrusive methods of detection of tax evasion. 

Other steps included filing of 164 prosecution complaints in l75 HSBC cases and detection of Rs 5,000 crore of undisclosed deposits in foreign accounts. Investigations in Panama cases had led to 250 references being made to other countries asking for details about tax evaders, he said.


This is not an immunity scheme. There is tax involved and there is penalty. In the 1997 scheme, the taxation figure was about Rs 9,760 crore. Now, the effective rate of taxation is 45%, but in 1997 the effective rate of taxation was in single digit. —Arun Jaitley, Finance Minister

Days after attack, Uri commander shifted

Days after attack, Uri commander shifted

02 Oct 2016 | 1:49 AM

SRINAGAR:The Army has shifted the commander of the Uri Brigade which was attacked by four Jaish-e-Mohammad fidayeen on September 18, leaving 19 soldiers dead and 24 injured.

Pak still in anaesthesia after surgery: Parrikar

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02 Oct 2016 | 1:49 AM

DEHRADUN:In his first remarks after the cross-LoC anti-terror strike, Defence Minister Manohar Parrikar today compared Pakistan’s condition to an “anaesthetised patient” after a surgery and said like Hanuman, the Indian Army has recognised its prowess.

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02 Oct 2016 | 1:49 AM

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02 Oct 2016 | 1:49 AM

WASHINGTON:The United States has strongly objected to threats of nuclear warfare made by Pakistan against India and has conveyed its displeasure to that country in this regard.

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4 killed in Jharkhand police firing

02 Oct 2016 | 1:41 AM

RANCHI:At least four villagers were killed and more than 20 injured after police opened fire on protesters at Barkagaon in Hazaribagh district of Jharkhand today.

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02 Oct 2016 | 2:01 AM

Chandigarh: More than 600 Panjab University law graduates today received their degrees from Supreme Court judge, Justice Jagdish Singh Khehar, during the third PU Law Convocation at the university. The convocation was jointly organised by the Department of Laws, PU and the University Institute of Legal Studies (UILS), PU Campus.

NoAkali leader Manjinder Singh Sirsa (2nd from right). File photo

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02 Oct 2016 | 2:04 AM

CHANDIGARH: A local court today awarded a two-year jail term to Jasbir Singh, father of senior Delhi Akali leader Manjinder Singh Sirsa, and advocate Rakesh for fabricating the general power of attorney (GPA) of late Kenyan freedom fighter Makhan Singh and his relative.

No

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CHANDIGARH: Former AAP state convener Sucha Singh Chhotepur launched the Aapna Punjab Party (APP) here today.

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02 Oct 2016 | 1:58 AM

MOGA/AMRITSAR: State Congress and AAP leaders today accused the state government of creating panic and hastily carrying out an evacuation in border villages.

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RSS, party leadership to review govt report card

02 Oct 2016 | 12:50 AM

CHANDIGARH: The two-year report card of the state government under Chief Minister Manohar Lal Khattar is likely to come under the scanner of the RSS and the BJP leadership at a two-day meeting of the state party executive beginning on October 4 at Hisar.

IGMC to be centre of excellence: CM

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02 Oct 2016 | 12:52 AM

SHIMLA: Indira Gandhi Medical College (IGMC), the only institution to have the facility of invasive cardiology procedures since 1997, is now ready to be reshaped into a centre of excellence.

Curfew lifted from all parts of Valley

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02 Oct 2016 | 12:44 AM

SRINAGAR: While restrictions and shutdown continued across the Kashmir valley, a youth, who was injured during clashes recently, died in a hospital here today raising the death toll to 86 on the 85th day of the current unrest.

Prejudices against old age must go: Paul

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02 Oct 2016 | 12:46 AM

DEHRADUN: Governor KK Paul today said being old and feeling old were two different things. “It is all in the mind. Sometimes young people, whose minds are not strong, start feeling aged. On the other hand, there are numerous examples of aged people who are mentally alert and do not show age”.

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02 Oct 2016 | 12:48 AM

AMMAN:Russian war planes struck rebel-held areas north of Aleppo on Saturday as the army shelled the besieged old quarter in a major offensive, rebels and a monitoring group said.

I-T Dept unearths Rs 56,378 cr undisclosed income in searches

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01 Oct 2016 | 7:06 PM

NEW DELHI: The Income Tax department has unearthed undisclosed income of Rs 56,378 crore during search operations conducted over two years’ time and seized cash of about Rs 2,000 crore. Giving details of the steps taken by the government since coming to power in May 2014, Finance Minister Arun Jaitley said with IT upgradation, the CBDT has been able to recover Rs 16,000 crore from non-filers of tax returns.

NoIndia’s Bhuvneshwar Kumar (2R) with teammates celebrate the wicket of New Zealand’s Martin Guptill during the second day of the second Test match between India and New Zealand at the Eden Gardens cricket stadium in Kolkata on October 1, 2016. AFP photo

Bhuvneshwar wrecks New Zealand with fifer, India in control

01 Oct 2016 | 5:28 PM

KOLKATA: Pacer Bhuvneshwar Kumar's devastating five-wicket haul after a late batting blitzkrieg put India firmly in command as they reduced a hapless New Zealand to 128 for 7 on the rain-hit second day of the second cricket Test here.

BCCI rejects Lodha panel’s key recommendations

01 Oct 2016 | 10:10 PM

MUMBAI: In a complete defiance of the Supreme Court, the BCCI on Saturday rejected key recommendations of the Lodha Committee, like one-state, one-vote, age limit of 70 years and cooling-off period of three years, setting the stage for another round of confrontation with the a apex court.

BCCI to ICC: Don’t put Pak in same group in tourneys

01 Oct 2016 | 9:20 AM

Mumbai: With the bilateral relations deteriorating, BCCI on Friday decided that India will avoid playing Pakistan even in the multi-nation tournaments and asked the ICC not to place the teams of the two countries in the same group.

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