Under the Income Declaration Scheme (IDS) the Government of India set September 30 as a deadline for disclosing income and assets that were hitherto undisclosed. The Government expected only Rs.30,000 crores to be declared through the scheme. However, sources from the Government stated that Rs.65,000 crores had been collected up to 8pm as tax alone.
Income Tax officials stated that the scheme received good response and performed beyond their expectations. The black money declared after 8 O clock touched Rs.80,000 crores. Hyderabad topped the city's with Rs.1,30,000 crores of black money declared during the period, followed by Mumbai (Rs.8,500 crores), Delhi (Rs. 6,000 crores), Kolkata (Rs.4,000 crores). About 4,000 persons declared their income in Mumbai.
In order to encourage people to disclose their undisclosed income and assets, the Central government introduced the IDS. This scheme is aimed at converting black money into white. As per this IDS, the identity of the person who declare their black money will not be revealed and a tax benefit of 45% will be provided to the individual.
Income Tax officials stated that the scheme received good response and performed beyond their expectations. The black money declared after 8 O clock touched Rs.80,000 crores. Hyderabad topped the city's with Rs.1,30,000 crores of black money declared during the period, followed by Mumbai (Rs.8,500 crores), Delhi (Rs. 6,000 crores), Kolkata (Rs.4,000 crores). About 4,000 persons declared their income in Mumbai.
In order to encourage people to disclose their undisclosed income and assets, the Central government introduced the IDS. This scheme is aimed at converting black money into white. As per this IDS, the identity of the person who declare their black money will not be revealed and a tax benefit of 45% will be provided to the individual.