The huge amount of Rs. 65,250 crores is declared as black money through the declaration window. This is the biggest ever disclosure of black money hidden wealth that will have Rs. 29,362 crores as taxes to exchequer. This figure of black money declaration may even rise when all the manual filling of online undisclosed assets are filed at the end. The government is to get the fiscal of Rs. 14,700 crores nearly. Making an announcement regarding the declaration under Income Tax Declaration Scheme, Arun Jaitley, and the Finance Minister said that the amount is declared to be Rs. 65,250 crores. Some of the disclosures are still not tabulated and in fact the figure may be revised further and increase.
The Government offers the one-time-chance to the owners of assets and holders of income to come up clean by paying income tax. They need to pay 45% as tax penalty. So, as per the declarations so far, the Government will be getting Rs. 29, 362.5 crores in taxes as penalty. The declarants may pay the amount in two different installments till September, 30, 2017. But then, half of the amount Rs. 14,681.25 crores will accrue this fiscal.
Last year, similar instance of foreign black money holder came into limelight where the amount was Rs. 2428 crores. This amount was collected as taxes.
Jaitley further added that utter secrecy will be maintained in the declaration. He also said that the accumulated tax penalty will be used for the welfare of Indians. In fact, the average declaration per declarant comes up to Rs. 1 crore.