ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

Assets worth Rs 65,250 crore declared under Income Tax Disclosure Scheme

Given the tax rate and penalty of 45%, this can potentially fetch the government a little under Rs 30,000 crore.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Assets worth Rs 65,250 crore declared under Income Tax Disclosure Scheme
Union Finance Minister Arun Jaitley addressing a Press Conference in New Delhi. Photo: PTI

Assets worth Rs 65,250 crore have been declared by 64,275 people under the latest Income Tax Disclosure Scheme (IDS), with scope for some marginal upward revision once the full tabulation is completed, Finance Minister Arun Jaitley announced on Saturday.

Given the tax rate and penalty of 45%, this can potentially fetch the government a little under Rs 30,000 crore.

FM @arunjaitley:Outcome of IDS 2016 shows that more & more people are now becoming tax compliant which is a positive development.

— Ministry of Finance (@FinMinIndia) October 1, 2016

FM@arunjaitley:IDS 2016 was not an amnesty scheme like VDIS of 1997 as we didn't want to benefit non-tax compliant vis a vis tax compliant.

— Ministry of Finance (@FinMinIndia) October 1, 2016

FM@arunjaitley:The present Govt has taken lot of steps in last two & a half years to unearth black money both at domestic & foreign level.

— Ministry of Finance (@FinMinIndia) October 1, 2016

Briefing reporters on the scheme, which was available from June 1 till the midnight of September 30, the finance minister said the tax authorities were still tabulating the declarations, both in physical and electronic form.

"So this (declarations) could be revised upward once the full tabulation takes place," Jaitley said, adding that the money collected would go into the Consolidated Fund of India and 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, but ruled out any revelation of the names of the people who have availed of the scheme. 

"We won`t give any specific information on tax declarants."

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income Tax Declaration SchemeArun JaitleyTaxesIncome taxtax declarationConsolidated FundEconomy
Written By: IANS
Updated: Sat, Oct 01, 2016
04:22 pm
New Delhi, IANS
RELATED NEWS
With three days to go, Income Declaration Scheme may not reap desired results With three days to go, Income Declaration Scheme may not reap desired results
Black Money: Govt extends working hours for receiving income tax declarations Black Money: Govt extends working hours for receiving income tax declarations
Income Tax department directs taxpayer to hurry up as IDS window deadline nears Income Tax department directs taxpayer to hurry up as IDS window deadline nears
ClearTax addresses problems of traders in filing income tax returns with new platform ClearTax addresses problems of traders in filing income tax returns with new platform
Total income tax returns amounted to Rs 19 lakh crore in 2012-13 Total income tax returns amounted to Rs 19 lakh crore in 2012-13

LATEST NEWS

Govt announces substantial hike in windfall tax on locally produced crude oil, diesel and ATF

Ajit Kumar starrer Thunivu OTT release date Announced! Check when and where to watch

Lupin's subsidiary recalls over 5,500 skin treatment ointments from US amid manufacturing issue

Gold Price Today (February 4): Yellow metal dips over Rs 2,500 from record high - Check rate in Delhi, Mumbai and other cities

PIB Fact Check unearths truth behind this viral letter on PM Mudra loan scheme; have you also received any such post?

ITC Dividend 2023: Check record date, ex-date and payment date | ITC Share Price NSE Target

Stock Split: This small-cap company splits shares in 5:1 ratio after delivering 817% return in 5 years

SEBI proposes to allow alternative investment funds' to carry forward unliquidated investments to new schemes

Market Next Week: Tata Steel, Hero Moto, M&M results, RBI policy meeting, macro data, global cues among top cues for D-Street

Kiara Advani and Sidharth Malhotra wedding: Bride-to-be arrives at marriage venue in Jaisalmer

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV