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64,275 people declare assets under I-T Disclosure Scheme

With tax rate and penalty of 45 percent, this can possibly fetch the government around Rs 30,000 crore

Policy Pulse
Publish Date: Oct 1 2016 5:14PM | Updated Date: Oct 1 2016 5:18PM

64,275 people declare assets under I-T Disclosure Scheme

Nearly 64,275 people have declared assets worth Rs 65,250 crore  nder the latest Income Tax Disclosure Scheme, with possibility for some marginal upward revision once the full tabulation is completed, Finance Minister Arun Jaitley has announced.

 

With tax rate and penalty of 45 percent, this can possibly fetch the government around Rs 30,000 crore.

 

The finance minister told reporters on Saturday that the tax authorities were still tabulating the declarations.

 

"So this (declarations) could be revised upward once the full tabulation takes place," Jaitley said.

 

"Roughly, the declarations work out to Rs 1 crore per declarant. Some will be higher, some will be lower," he added.

 

"We won't give any particular info on tax declarants."