Over INR 65,250 Crores declared under Income Disclosure Scheme

This is the highest ever black money disclosure that at least INR 65,250 Crores ($9.8 Billion) of undisclosed assets were declared under the...

This is the highest ever black money disclosure that at least INR 65,250 Crores ($9.8 Billion) of undisclosed assets were declared under the Govt Income disclosure scheme by more than 64K declarations, yielding the government INR 29,362 Crores ($4.41 Billion) in tax revenues. While the black money declarations will be more once all the manual and online filings of undisclosed incomes and assets are promptly filed at the end of the fourth month window on September 30th are compiled, the Government will get around INR 14,700 Crores or half of the due taxes, this fiscal year.  Government had proffered a one time feasibility to holders of income and assets that had been illegally unpaid taxes, to disclose their unpaid taxes with penalty of 45%.  (Also Read about India's largest spectrum auction worth INR 5.63 lakh Crores)

Previous year under a similar scheme for 644 foreign black money holders declared undisclosed foreign income and assets, INR 2,428 Crores was collected as taxes. The average declaration per individual or entity comes to INR 1 Crore.