IDS: total collection of black money may increase by Rs 75,000 crore

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The final tally of black money disclosures could rise by around 10,000 crore rupees, as part of the returns made under the recently concluded IDS, as the income tax department is expected to submit the audit final files by next week at the CBDT.

Officials working on compiling the final figures for the Income Tax Reporting System (IDS) said all parts of the department across the country are continuously working to finalize and put the final figures in place soon.

Black money amounting to Rs 65,250 crore was declared through the single reporting window as part of 64,275 returns and the figures were announced by Finance Minister Arun Jaitley at a press conference on October 1st.

The four-month window closed on September 30 after it opened on June 1.

“It is estimated that Rs 10,000 crore more would be added to the figure announced by the Minister of Finance. Thus, the total figures could go well beyond Rs 75,000 crore. A final report will be submitted by the CBDT to the office of the Minister of Finance. next week, ”they said.

While the Central Direct Taxation Council (CBDT) had made it clear that no information relating to the breakdown of declarations at the regional level would be shared in accordance with IDS confidentiality clauses, key sources in the department said that some of the southern states and the western flank of the country were considered to have contributed the most under the IDS.

CBDT Chairman Rani Singh Nair today held a meeting with heads of regional IT departments where, according to sources, the strategy and progress of IDS’s last mile efforts were discussed.

She also wrote a letter of appreciation to her “TEAM-Income Tax” for their “well-deserved accomplishment of our task of unearthing unreported income via IDS, 2016”.

“Any accomplishment reflects the commitment and hard work of people who work hard with focused persistence. The “TEAM-IT” has shown the greatest dedication, passion and perseverance to achieve such a degree of success.

“I salute your determination and dedication and wish you similar success in all our future efforts to generate resources for the government and contribute to the well-being of our people,” she wrote yesterday to her officials and her. staff.

The government had offered a unique chance, under the IDS, to holders of undeclared income and assets to come forward by paying 45% tax and penalty.


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