IDS: Total black money collection may go up by Rs 75,000 crore

The final black money disclosures tally may grow by an estimated Rs 10,000 crore, as part of the declarations made under the recently concluded IDS, as the Income Tax department is expected to submit final verification of the records by next week to the CBDT.

Officials working to tabulate the final figures of the Income Declaration Scheme (IDS) said all the regions of the department across the country are continuously working to finalise and put up the final figures soon.

Black money amounting to Rs 65,250 crore was declared through the one-time declaration window as part of 64,275 declarations and the figures were announced by Finance Minister Arun Jaitley in a press conference on October 1.

The four-month window closed on September 30 after it was opened on June 1.

"It is estimated that Rs 10,000 crore more would be added to the figure that was announced by the Finance Minister. So, the total figures could go well beyond Rs 75,000 crore. A final report will be submitted by the CBDT to the Finance Minister's office by the next week," they said.

While the Central Board of Direct Taxes (CBDT) had made it clear that no information relating to region-wide break-up of declarations would be shared as per confidentiality clauses riding IDS, top sources in the department said some of the states in the southern and western flank of the country were seen to have contributed the maximum under the IDS.

CBDT Chairperson Rani Singh Nair today held a meeting with the regional I-T department chiefs where, sources said, the strategy and progress of the last mile efforts of IDS were discussed.

She also wrote an appreciation letter to her 'TEAM-Income Tax' for their "well deserved accomplishment of our task of unearthing undeclared income through the IDS, 2016."

"Any accomplishment reflects the commitment and the hard work of people who toil hard with focused perseverance. The 'TEAM-IT' has shown utmost dedication, passion and perseverance in achieving such a high degree of success.

"I commend your determination and dedication and wish you similar success in all our future endeavours for generating resources for the government and contributing towards the well being of our people," she wrote to her officials and staff yesterday.

Government had offered a one-time chance, as part of the IDS, for holders of undeclared income and assets to come clean by paying 45% in tax and penalty.