Centre’s move to unearth black money gets an overwhelming response from those who evaded taxes . Black money of Rs. 65250 crore disclosed under Income Declaration Scheme.
Finance Minister Arun Jaitley said, Government has taken steps to curb tax evasion. Rs. 56,378 crore- undetected income uncovered through search operations.
Under tabulation 64,275 declarants and the amount, they have disclosed collectively Rs. 65250 crore.
Income Declaration Scheme had provided a one-time opportunity to black money holders . This scheme provided an opportunity to those who had not paid full taxes in the past to come clean by declaring their undisclosed income and assets and by paying tax plus penalty 45 per cent.