The CBDT expects to mop up a tax revenue of Rs 30,000 crore, with 50 per cent coming this fiscal, under the one-time domestic black money compliance window that has seen stash declarations to the tune of Rs 65,250 crore.
Central Board of Direct Taxes (CBDT) Chairperson Rani Singh Nair told PTI that while this tax amount is expected as per the current slab of 45 per cent, they will wait to pledge a confirmed revenue figure under the IDS as some declarations are still being revised and reconciled.
“We expect a tax of Rs 30,000 crore from the declarations made under the Income Declaration Scheme. 50 per cent of this amount should come within the current financial year as payments of tax and penalty are staggered and will finally end in September next year,” she said.
Finance Minister Arun Jaitley today announced that 64,275 declarations have been made under the four-month window and as much as Rs 65,250 crore of black money was declared under it, after it closed yesterday.
The CBDT boss added the I-T department will not undertake any “increased scrutiny” or “harassment” of taxpayers, now that the window has closed but added any case of tax evasion will be processed as per law.
She said the department and CBDT were very happy over the outcome and declarations made under the IDS and that was something “to be proud off”.
“We are satisfied with the outcome of the IDS and are working to tabulate the final figures of declarations and their value,” Nair said. She said a “digital verification” is going on to quickly gather the data as both the physical and online counters were active till midnight.
Asked if the IDS was successful as compared to the 1997 VDIS, she said while no such comparisons should be drawn, the latest one-time domestic black money compliance window has shown that the average declarations made per person were higher under it. The Chairperson said the field formations of the I-T department undertook “massive outreach programmes” across the country.
“The department undertook over 50,000 meetings and sessions in various cities under the IDS,” a senior official said. To make compliance under IDS more easy, the government had a few months back extended the deadline for payment of tax and penalty under the window. It had also allowed declarants to pay the amount in three instalments by September 30 next year.
The first instalment of 25 per cent under the IDS 2016 will have to be paid by November 2016, followed by another 25 per cent by March 31, 2017.
The remaining amount will have to be paid to the exchequer by September 30 next year. Earlier the tax, surcharge and penalty under the black money disclosure window were required to be paid by November 30.
The scheme was announced by the government with an aim of bringing out black money from the domestic economy. The government had come out with a similar scheme for Indians holding undisclosed income abroad. IDS was opened on June 1.