The Income Declaration Scheme by the government has evoked blackmoney worth Rs 65,250 crore during its four-month compliance window that ended on September 30, Finance Minister Arun Jaitley said today.
Jaitley said 64,275 declarations were made in the four-month window and this figure could go up once all the declarations filed online and manually are compiled.
Given the tax rate and penalty of 45 per cent, this can potentially fetch the government a little under Rs 30,000 crore.
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."
(With IANS inputs)
