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Pan-India declaration reaches 65,000 cr

Income declarations were over whelming says the top officials, Tax officers happy with scheme’s success

Policy Pulse
Publish Date: Oct 1 2016 11:51AM | Updated Date: Oct 1 2016 5:16PM

Pan-India declaration reaches 65,000 cr

Civic Centre near the New Delhi Railway Station, worked over time on Friday night. It was the last day of the government’s Income Declaration Scheme (IDS) and hours before the midnight deadline, top officials in Mumbai and New Delhi confirmed that the response was overwhelming.

 

The pan-India declarations had exceeded Rs 65,000 crore, compare to previous tax earning of Rs 30,000 crore for the government. Final tally will be announced by Finance Minister Arun Jaitley at a press conference in afternoon.

 

Hyderabad emerged as a top destination with declaration of Rs 13,000 crore, followed by Mumbai (Rs 8,500 crore), New Delhi (Rs 6,000 crore) and Kolkata (Rs 4,000 crore) till evening of Friday.

 

All top officers worked over time, handholding people who wanted to come out clean, by paying 45 per cent tax on the declared amount. People had rushed with the income papers along with cheques but remained mum, regarding earning details.

 

A helpful principal commissioner pointed out that there was a rush of people over the last two days, with most seeking clarifications about the scheme. Many of the last day declarants were the ones whose forms were rejected earlier because of incomplete information, a source said.

 

Tax officers were happy with scheme’s success. “Besides the 900,000 letters that were sent out, we intimated individuals whose information we had. Most of them chose to declare it under the scheme to avoid the risk of prosecution after the window closed,” one of the officer said.