Black Money Disclosure
Black money disclosure at Rs 65,000 crore till 8.00 pm
The government’s Income Declaration Scheme (IDS) saw an overwhelming response just a few hours before the deadline was to end.
A senior income-tax official said the total declaration under the scheme is above Rs 65,000 crore till 8.00 pm. On this number, government likely to earn nearly Rs 30,000 crore.
I-T department expects total declarations could reach between Rs 70,000 crore and Rs 80,000 crore in next 3 hours.
The government had opened a four-month window for declaring unaccounted money, which would attract 45 per cent tax, penalty and cess.
Surprisingly Hyderabad emerged as a top destination with declaration of Rs 13,000 crore, followed by Mumbai ( Rs 8,500 crore), New Delhi (Rs 6,000 crore) and Kolkata (Rs 4,000 crore). The total number of declarant from Mumbai is 4,000.
The four-month window for disclosing domestic black money deposits will close on Friday
– Business Standard
