Finance Minister Arun Jaitley today said 65 thousand 250 crore rupees have been declared in the Income Disclosure Scheme, IDS, so far. <br/><br/>Briefing mediapersons about the outcome of the IDS Scheme, Mr Jaitley said some disclosures have not been tabulated yet and the figure could increase after the final tabulation. He said 64 thousand 275 declarations were made under the IDS. Mr Jaitley said the disclosures are significant, given the average disclosure is of one crore rupees.<br/><br/>Mr Jaitley said, the tax collected from the the Income Declaration Scheme will go into the Consolidated Fund of India and will be used for the welfare of the people.<br/><br/>The Minister also informed that 56,378 crore rupees worth of undetected income was uncovered through search operations which resulted in an actual seizure of 1986 crore rupees in the last two-and -half years. <br/><br/>With regard to the cases of black money allegedly stashed overseas in HSBC bank accounts, Mr Jaitley said, assessment of sum of 8000 crore rupees has been completed and 164 prosecutions have been filed. He said government has taken various steps to increase tax compliance and check tax avoidance. <br/><br/>The scheme was announced by the government in June this year with an aim to bring out black money from the domestic economy. Those disclosing assets under the IDS will have to pay 45 per cent tax with penalty. <br/><br/>The payments can be made in three installments till September 2017. The first installment of 25 per cent under the scheme will have to be paid by November this year followed by another installment of 25 per cent by 31st March next year. The remaining amount will have to be paid by September, 2017.<br/><br/>Meanwhile Prime Minister Narendra Modi complimented Finance Minister Arun Jaitley and his team in Finance Ministry for the success of Income Declaration Scheme 2016. <br/><br/>In a tweet, Mr Modi said, their hard work has resulted in the successful outcome. The Prime Minister also congratulated Revenue Secretary Hasmukh Adhia, Chairperson of Central Board of Direct Taxes Rani Nair and their team saying that they have put in tremendous effort on all aspects relating to the IDS. <br/><br/>Mr Modi also complimented all those who chose to be tax compliant in the IDS. He said, it is a great contribution towards transparency and growth of the economy.

Finance Minister Arun Jaitley today said 65 thousand 250 crore rupees have been declared in the Income Disclosure Scheme, IDS, so far. <br/><br/>Briefing mediapersons about the outcome of the IDS Scheme, Mr Jaitley said some disclosures have not been tabulated yet and the figure could increase after the final tabulation. He said 64 thousand 275 declarations were made under the IDS. Mr Jaitley said the disclosures are significant, given the average disclosure is of one crore rupees.<br/><br/>Mr Jaitley said, the tax collected from the the Income Declaration Scheme will go into the Consolidated Fund of India and will be used for the welfare of the people.<br/><br/>The Minister also informed that 56,378 crore rupees worth of undetected income was uncovered through search operations which resulted in an actual seizure of 1986 crore rupees in the last two-and -half years. <br/><br/>With regard to the cases of black money allegedly stashed overseas in HSBC bank accounts, Mr Jaitley said, assessment of sum of 8000 crore rupees has been completed and 164 prosecutions have been filed. He said government has taken various steps to increase tax compliance and check tax avoidance. <br/><br/>The scheme was announced by the government in June this year with an aim to bring out black money from the domestic economy. Those disclosing assets under the IDS will have to pay 45 per cent tax with penalty. <br/><br/>The payments can be made in three installments till September 2017. The first installment of 25 per cent under the scheme will have to be paid by November this year followed by another installment of 25 per cent by 31st March next year. The remaining amount will have to be paid by September, 2017.

Finance Minister Arun Jaitley has said, 65 thousand 250 crore rupees have been declared in the Income Disclosure Scheme so far. <br/><br/>Briefing the media in New Delhi about the outcome of the IDS Scheme today, Mr Jaitley said, some disclosures have not been tabulated yet and the figure could increase after the final tabulation. He said, there was a major surge in last minute disclosures and 64,275 declarations were made under the IDS. <br/><br/>The Minister also informed that 56,378 crore rupees worth of undetected income was uncovered through search operations. He said, the disclosures are significant, given the average disclosure is of one crore rupees. He said, government has taken several steps to increase tax compliance and reduce tax avoidance in India. <br/>The scheme was announced by the government in June this year with an aim to bring out black money from the domestic economy. Those disclosing assets under the IDS will have to pay 45 per cent tax with penalty. The payments can be made in three installments till September 2017. <br/><br/>The first installment of 25 per cent under the scheme will have to be paid by November this year followed by another installment of 25 per cent by 31st March next year. The remaining amount will have to be paid by September, 2017. <br/><br/>